Standard & Poor`s

Standard & Poor's cuts rating of Mozambique's debt

The Ematum debt is primarily responsible for reducing the credibility of Mozambique.

A month after the Minister of Economy and Finance announce officially the renegotiation of debt Mozambique Company Tuna (Ematum), Standard & Poor's rating agency produced a report, which cuts the Mozambique B rating to B- . The rating acts as a mechanism for evaluating the country's debt credibility in international markets.

Standard & Poor's

"The Government of Mozambique is considering restructuring the loan of 850 million dollars guaranteed by the State to Ematum company," reads the statement issued by S & P, which explains: "Although the details are still pending, we see the guarantee as a financial obligation of the Government in the light of our criteria, and we hope to sort the restructuring as a troubled debt exchange ". For analysts at S & P, the problem is not restricted to Ematum, it is rather an example of the Mozambican overview: "The financial difficulties of Ematum, established in 2013, raise major questions about the governance model in Mozambique and the government debt management the public sector, "said S & P.

At issue is a loan whose repayment is guaranteed by the state, and about which the Minister of Economy and Finance, Adriano Maleiane confirmed that the state would be paying about $ 500 million, after the company had assumed the remaining 350 million .

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