{"id":184083,"date":"2021-01-10T09:26:39","date_gmt":"2021-01-10T09:26:39","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=184083"},"modified":"2021-01-10T09:26:48","modified_gmt":"2021-01-10T09:26:48","slug":"fitch-african-fta-growth-impact-too-small-to-affect-ratings","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/fitch-african-fta-growth-impact-too-small-to-affect-ratings\/","title":{"rendered":"Fitch: \u2018African FTA Growth Impact Too Small to Affect Ratings\u2019"},"content":{"rendered":"\n<p>Fitch Ratings agency said it is unlikely that the implementation of the African Continental Free Trade Agreement (AfCFTA) alone would lead to changes in the sovereign credit rating of countries.<\/p>\n\n\n\n<p>Fitch said the agreement could have a positive African credit impact in the long run, in the event that trade liberalization improves business conditions and boosts economic growth.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/african-fta-growth-impact-too-small-to-affect-ratings-07-01-2021\">African FTA Growth Impact Too Small to Affect Ratings<\/a><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Covid effect<\/strong><\/h5>\n\n\n\n<p>\u201cOther factors, including the impact and policy response to Covid-19 and macroeconomic stability more generally, will exert a stronger influence on sovereign ratings,\u201d the agency said.<\/p>\n\n\n\n<p>\u201cIt is not yet clear how effectively the terms of AfCFTA will be implemented or enforced.\u201d<\/p>\n\n\n\n<p>\u201cThe impact of trade liberalisation should be positive for the region\u2019s economic potential.\u201d<\/p>\n\n\n\n<p>A study published by the AU Commission and OECD in 2019 estimated that removing all tariffs on intra-African trade could boost GDP by 0.65%.<\/p>\n\n\n\n<p>The trade agreement, which entered into force on Jan. 1st, seeks to remove tariffs on 90% of the goods and prepare for the establishment of a customs union at the continental level.<\/p>\n\n\n\n<p>\u201cWe have only two sovereign ratings (Cote d\u2019Ivoire and New Zealand) on Positive Outlook so upgrades of any major economies currently look unlikely in 2021\u201d, <a href=\"https:\/\/www.reuters.com\/article\/global-ratings-sovereign-fitch-idLTAL4N2IO3P5\">Tony Stringer,<\/a> chief operating officer of the rating agency\u2019s Global Sovereigns and Supranationals.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Downgrade<\/strong><\/h5>\n\n\n\n<p>\u201cThe two regions that have already seen the most rating downgrades (Latin America and Middle East &amp; Africa) display the highest level of vulnerability to further negative action, with 9 and 12 Negative Outlooks respectively\u201d, Stringer said.<\/p>\n\n\n\n<p>Fitch said in December the Coronavirus spread related uncertainty, as well as the economic repercussions of the pandemic will continue to put pressure on global public finances in 2021.<\/p>\n\n\n\n<p>It is noteworthy that Fitch International Credit Rating Corporation is a wholly owned subsidiary of Hearst, in April 2012 Hearst increased its stake in the Fitch Group to 50%.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>More on international trade:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.bnreport.com\/saudi-arabia-to-further-cut-oil-output-for-the-next-two-months\/\">Saudi Arabia To Further Cut Oil Output For The Next Two Months<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fitch Ratings agency said it is unlikely that the implementation of the African Continental Free Trade Agreement (AfCFTA) alone would lead to changes in the sovereign credit rating of countries. Fitch said the agreement could have a positive African credit impact in the long run, in the event that trade liberalization improves business conditions and [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":184084,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[604],"tags":[867,278],"class_list":["post-184083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-africa","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fitch: \u2018African FTA Growth Impact Too Small to Affect Ratings\u2019 - BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - Trade - Fitch said it is unlikely that African FTA alone would lead to changes in the sovereign credit rating of countries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/fitch-african-fta-growth-impact-too-small-to-affect-ratings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch: \u2018African FTA Growth Impact Too Small to Affect Ratings\u2019 - 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