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In the Aftermath of Zambia’s Default, Fitch Warns Four Other African Countries Could Soon Follow

One of the world’s major credit ratings agencies, Fitch Ratings, issued an ominous warning that last week’s downgrade of Zambia’s will likely not be the last in Sub-Saharan Africa. In an article published on its website yesterday, the agency highlighted Angola, the Republic of Congo, Gabon, and Mozambique as candidates for further downgrades, because they “face acute liquidity pressures and very high debt levels.”

All four countries have already been downgraded by Fitch this year.

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