Fitch maintains rating on Mozambique

7 May 2007

London, United Kingdom, 7 May – Fitch Ratings Friday maintained its B and B+ ratings on Mozambique’s debt in foreign currency and local currency, respectively, citing high levels of economic growth, increased exports and declining debt.

In a statement issued in London, Fitch Ratings said that Mozambique had had greater success in diversifying its export markets than many of its regional partners, which had helped to lessen external shocks such as fuel price rises, a cyclone or flooding.

Mozambique’s economy grew 9.6 percent in 2006 with an average of 8 percent over the last five years, outperforming the 5.5 percent average for the region.

Exports rose six-fold to US$2.4 billion against US$360 million in 2000, as a result of mega foreign direct investment projects in the aluminium, gas and electricity sectors. (macauhub)