Statement by the African Peer Review Mechanism on the Downgrade of Ethiopia by Fitch
The African Peer Review Mechanism (APRM), a specialized entity of the African Union (AU), had a mandate to supports African countries in the area of credit rating agencies. As part of this mandate, the APRM undertakes routine reviews of rating outcomes assigned by international credit ratings agencies on African countries. The APRM has noted the downgrade of the Republic of Ethiopia’s long-term foreign currency sovereign credit rating by Fitch on the 09th of February 2021, 2-notches from B to CCC.