BRIEF-Moody's Downgrades Ghana's Rating To Caa2 And Places It On Review For Downgrade

BY Reuters | CORPORATE | 09/30/22 05:44 PM EDT

Sept 30 (Reuters) -

* MOODY'S DOWNGRADES GHANA'S RATING TO CAA2 AND PLACES IT ON REVIEW FOR DOWNGRADE

* MOODY'S DOWNGRADES GHANA'S RATING TO CAA2 AND PLACES IT ON REVIEW FOR DOWNGRADE

* MOODY'S SAYS GHANA'S RATING DOWNGRADE TO CAA2 REFLECTS RECENT MACROECONOMIC DETERIORATION, FURTHER HEIGHTENING GOVERNMENT'S LIQUIDITY

* MOODY'S - HAS DOWNGRADED GHANA'S LONG-TERM ISSUER AND SENIOR UNSECURED DEBT RATINGS TO CAA2 FROM CAA1 AND PLACED THE RATINGS ON REVIEW FOR DOWNGRADE

* MOODY'S SAYS GHANA'S RATING DOWNGRADE TO CAA2 ALSO REFLECTS DEBT SUSTAINABILITY DIFFICULTIES AND INCREASING THE RISK OF DEFAULT

* MOODY'S SAYS HAS DOWNGRADED GHANA'S SENIOR UNSECURED MTN PROGRAMME RATINGS TO (P)CAA2 ON REVIEW FOR DOWNGRADE FROM (P)CAA1

* MOODY'S SAYS A SHARP RISE IN INTEREST RATES, HIGH INFLATION AND A RAPIDLY WEAKENING CURRENCY EXACERBATE GHANA'S GOVERNMENT'S DEBT CHALLENGES

* MOODY'S SAYS DETERIORATING MACROECONOMIC CONDITIONS, IN PARTICULAR DEEP INFLATION SHOCK, FURTHER COMPLICATED POLICY TRADE-OFF FOR GHANA'S AUTHORITIES

* MOODY'S SAYS INITIATION OF REVIEW FOR DOWNGRADE PROMPTED BY NEGOTIATIONS BETWEEN GHANA AND IMF OVER FUNDING PROGRAMME

* MOODY'S SAYS EXPECT GHANA'S GOVERNMENT NOT TO ACHIEVE THE REDUCTIONS IN FISCAL DEFICITS TARGETED IN 2022 BUDGET AND INSTEAD TO RUN STABLE DEFICITS Source text for Eikon: Further company coverage: [ ]

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Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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