Mozambique: Sovereign credit ratings

(measure: Sovereign rating index and outlook, source: Standard & Poor's, Moody's, and Fitch)
* indicates monthly or quarterly data series

Sovereign credit ratings in Mozambique: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world.

Agency Rating Outlook Date
Standard & Poor's CCC+ Stable 11/2019
Fitch CCC Developing 11/2019
Moody's Caa2 Stable 9/2019
Fitch RD Developing 5/2019
Standard & Poor's CC Negative 11/2016
Standard & Poor's CCC Negative 8/2016
Moody's Caa3 Negative 7/2016
Standard & Poor's CCC Negative watch 5/2016
Moody's Caa1 Negative watch 5/2016
Standard & Poor's B- Stable 4/2016
Moody's Caa1 Stable 4/2016
Standard & Poor's CC Negative 3/2016
Moody's B3 Negative watch 3/2016
Fitch B Negative 3/2016
Moody's B2 Negative watch 12/2015
Standard & Poor's B- Negative 9/2015
Moody's B2 Negative 8/2015
Standard & Poor's B- Negative watch 7/2015
Fitch B+ Stable 11/2014
Standard & Poor's B Stable 8/2014
Fitch AA- Stable 5/2014
Standard & Poor's B Stable 2/2014
Fitch B+ Stable 11/2013
Moody's B1 Stable 9/2013
Standard & Poor's B+ Negative 8/2013
Fitch B+ Stable 7/2013
Fitch AA- Stable 5/2013
Fitch B Stable 8/2011
Standard & Poor's B+ Stable 12/2007
Standard & Poor's B Positive 4/2006
Standard & Poor's B Positive 11/2005
Standard & Poor's B Positive 7/2004
Fitch B Stable 7/2003

Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating.

For all three credit rating agencies the ratings are divided into two large groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P and Fitch investment grade issues/issuers are those from BBB and above, while those from BB and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers from Baa3 and above, while ratings from Ba1 and bellow fall to the category of speculative grade.

All three agencies include modifiers into to their generic alphabet-based ratings for particular ranges. S&P and Fitch ratings are modified with “+” or “-“ from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major rating categories.

Rating outlooks indicate the direction the rating is likely to move over a one to two year period. In determining an outlook consideration is given to any changes in fundamental business conditions. Credit watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the three agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the outlook/watch is denoted as Developing.

Credit watches do not include Stable watch because they are only event-driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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