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Uganda credit rating

Moody’s changes outlook on Uganda’s B1 rating to negative from stable. The key drivers for the negative outlook including the following:

  • Deteriorating fiscal and debt metrics, driven by high capital spending and rising debt-servicing expenditures;
  • A continued weakening in Uganda’s external payments position, as evidenced by the large depreciation in the Ugandan shilling; and
  • The expected increase in inflation and reduced growth prospects, potentially diminishing a key source of historical support to sovereign credit quality.