Symbol means a negative outlook. View by Debt. Absa Bank (Mauritius) Limited is the first entity, within Absa Group Limited and outside of South Africa, to be independently rated by an external rating agency. The negative outlook on MCB’s long-term IDR reflects the negative impact of the pandemic on MCB’s operating […] AfrAsia Bank uses cookies to improve your user experience. The remaining five banks namely ABC Banking Corporation, Bank of Mascarene Bramer Banking Corporation Mauritius Post and Cooperative Bank and SBI (Mauritius) are right behind with a score of "3 +" or "3 -" (fair). AfrAsia Bank (LEI 549300N8BDWE3MP97605, Swift AFBLMUMUXXX). The coronavirus and slower global growth could also reduce foreign direct investment into Mauritius, weighing on its external accounts and potentially result in a drawdown on international reserves. How Mauritian Entrepreneurs are Navigating the Effects of COVID-19? He is equally an accredited professional/assessor in several green building/sustainable communities rating systems. The negative outlook reflects risks to Mauritius’s economic and fiscal metrics as a result of the coronavirus outbreak. Robust economic growth has supported an increase in income per capita, signaling a higher capacity to absorb economic or fiscal shocks. The Mauritian economy has demonstrated remarkably steady, and relatively high growth rates over the past decade, benefiting from a well-diversified economic structure despite its small size. Tables with accounting and financial reporting. Timetable of Mauritius credit ratings by S&P, Moody's, Fitch and DBRS agencies. The negative outlook reflects risks to Mauritius's economic and fiscal metrics as a result of the coronavirus outbreak. Fitch expects Mauritius to have a relatively weak economic recovery in 2021, with real GDP growth predicted at 4.5% in 2021 and 6.5% in 2022. However, leakages of foreign exchange from tourist receipts are high, meaning a severe but temporary decline in tourism receipts will be offset by lower tourism-related imports, further cushioned by lower oil prices deflating the import bill. The international rating agency Moody’s Investors Service maintained its sovereign rating of ‘Baa1’ (stable) for Mauritius, following its latest country assessment released in mid-2014. Mauritius’s high government debt and interest burdens are a key credit constraint relative to Baa-rated peers, limiting to a certain extent its ability to deploy counter-cyclical fiscal policy to buffer the economy in the face of shocks such as the current situation. Absa Bank (Mauritius) Limited has been assigned Moody's Baa3 deposit rating. Also, Gordan’s firing by Zuma was perceived as another setback to an economy that grew just 0.5 percent last year and has an unemployment rate of nearly 27 percent.The dismissal of Gordhan later led to a rating downgrade to “junk status” by credit ratings agency Standard & Poor’s on Monday .The agency stated that political and institutional uncertainty after Gordhan’s firing has placed South Africa’s fiscal and growth outcomes at risk. 10 Years vs 2 Years bond spread is 164.2 bp. In its latest report, Moody’s Investors Service has revised downwards Mauritius long term foreign and local currency issuer rating from Baa1 to Baa2, thus maintaining a negative outlook. He is a chartered quantity surveyor, project manager and an accredited partnership broker. Yogesh Gokool, Senior Executive – Head Global Business at AfrAsia, Penresa, in partnership with Forbes Africa, will host its next, Bertrand Casteres, CEO, MUA: “This pandemic is generating unprecedented circumstances, causing significant concerns in financial markets across the world”. A bottom-up approach: analysis of the country risk pertaining in each cross-border credit file, placement, financial product; 2. Please feel free to email us or give us a call. Moody’s Investors Service cut Mauritius' sovereign credit rating to Baa2 from Baa1 and maintained the negative outlook, citing as the main trigger behind the downgrade the weakening in fiscal and economic strength as a result of the shock brought on by the coronavirus pandemic. Rating Action: Moody's takes rating actions on three banks in Mauritius following the downgrade of Mauritius' government ratingsGlobal Credit Research - … On the hourly chart, we do see potential for more weakness in the Rand above 14.50 against the U.S dollar in the coming months. Although Moody’s expects the government’s fiscal measures, along with central bank support, will prevent a more severe impact on the broader economy, increased government spending along with lower nominal growth and lower tax revenue will result in an increase in the size of the fiscal deficit and weigh on debt metrics. However, the Rand recovered some of its losses late on Tuesday on hopes President Zuma may be forced to step down on mounting calls from unions, religious leaders, civil society and the opposition, following the reshuffling of his cabinet and his change of finance ministers that triggered the credit rating downgrade.Technical outlook - Sentiment towards the Rand has now turned negative.The Rand has turned bearish since last week following the recent turmoil in South Africa. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. Moody's Investors Service has today changed the outlook on the Government of Mauritius's rating to negative from stable. Baa: Obligations rated 'Baa' are judged to be medium grade and subject to moderate credit risk and as such may possess certain speculative characteristics. Those insights came from Fitch credit note on Mauritius largest bank, the MCB Group, where the firm affirmed MCB’s Long-Term Issuer Default Rating (IDR) at ‘BBB-‘ with a Negative Outlook. Real GDP growth has averaged 3.8% over the past ten years, above the Baa-rated median of 3.1%, while exhibiting significantly lower volatility. Below you can see an overview of the Bank`s … Moody’s believes that the … Talk to us Find a branch. Moody’s rating and Mauritius’ regional leadership role The international rating agency Moody’s Investors Service maintained its sovereign rating of ‘Baa1’ (stable) for Mauritius, following its latest country assessment released in mid-2014. Moreover, the risks of a larger spillover from tourism to the rest of the economy — beyond those captured in the indirect contribution of tourism to GDP — point to further downside risks to Moody’s expectations that Mauritius will avoid an outright contraction in real GDP in 2020 and return to growth above 3% in 2021. The combined credit effects of these developments are unprecedented. Meanwhile, all the big banks in South Africa came out on Reuters, mentioning they are well positioned to withstand the impact of sovereigns credit downgrades.On the financial markets, the South African Rand hysteria started early on 27th of March, when Zuma ordered former finance minister Pravin Gordhan to return home immediately from an investor roadshow abroad. Under such a scenario, the weakening in fiscal strength may no longer be consistent with a Baa1 rating. Absa Bank (Mauritius) Limited has been assigned Moody's Baa3 deposit rating on 26 February 2020. A downgrade that reflects weakness in fiscal and economic strength, triggered by shock on account of the coronavirus pandemic. Standard Bank is a licensed financial services provider in terms of the Financial Advisory and Intermediary Services Act and a registered credit provider in terms of the National Credit Act, registration number NCRCP15 Moody’s believes that the Mauritian economy has demonstrated resilience to Call: Tel: +230 402 1000 (24/7 Contact Centre) Email: customer.contact@absa.africa. Fitch Ratings has affirmed MCB Long-Term Issuer Default Rating (IDR) at ‘BBB-‘ with a negative outlook. However, according to this report, ranking twenty banks, fifteen received notes "2 +" or "2 -", which means "good". Absa Bank (Mauritius) Limited -- Moody's announces completion of a periodic review of ratings of Absa Group Limited. Moody’s upgrades MCB Ltd’s deposit rating to Baa2 26 Jul 2019 At its latest Rating Committee, Moody’s Investors Service (“Moody’s”) has upgraded the credit rating of MCB Ltd (“MCB” or “the Bank”), with the long-term deposit rating improving from Baa3 to Baa2. Johannesburg, 18 Feb 2015— Global Credit Ratings has affirmed the national scale long term and short term rating assigned to AfrAsia Bank Zimbabwe Limited of LD (ZW). The government announced a wage assistance scheme that will ensure all private sector employees received their full salary for the month of March 2020, and could use additional spending approved in the budget if necessary to increase support to the economy. Issuer Outlook. The country’s strong institutional framework and prudent policymaking have supported not only high growth rates but also increase the economy’s resiliency to shocks. Tony Lee Luen Len’s expertise lies in the field of sustainability, the built environment, multi-sector collaboration and social innovation. AfrAsia Bank, located in Mauritius offers tailor-made products and services for Private, Corporate and Global Business Ban… Concurrently, Moody’s has affirmed the Baa1 long-term issuer rating. 17 March 2020. Normal Convexity in Long-Term vs Short-Term Maturities. The Mauritius 10Y Government Bond has a 2.195% yield. “Mauritius remains the best gateway for cross-border investments into Africa.” Yogesh Gokool, Senior Executive – Head Global Business at AfrAsia Bank, AfrAsia Bank partners with Forbes Africa for an insightful webinar: Mauritius as an investment destination amidst the challenges. Moody’s Investors Service has changed the outlook on the Government of Mauritius’s rating to negative from stable. Moody's Investors Service, has downgraded the Government of Mauritius's long-term foreign and local currency issuer rating to Baa2 from Baa1 and maintained the negative outlook. Read more. - W. Clement Stone, South Africa witnessed a political and financial crisis after President Jacob Zuma fired his internationally respected finance minister Pravin Gordhan in a cabinet reshuffle on last Thursday night. Organization List. At the same time, Global Credit Ratings has withdrawn the ratings assigned to AfrAsia Bank Zimbabwe Limited at the client’s …