Standard and Poor’s (S&P) downgraded Cameroon’s long- and short-term foreign currency sovereign rating by six notches on 8 August, from B-/B (highly speculative) to the SD/SD (partial default) category. The latter credit rating agency lowering Cameroon’s rating by two notches, from B2 (very speculative) to Caa1 (high risk). For this reason, it has downgraded its local currency rating from B-/B to CCC+/C (high risk), with a stable outlook. Sign up Also receive offers from The Africa Report Also receive offers from The Africa Report's partnersWith fuel prices frozen, the government was obliged to compensate traders CFA900bn, double the budgeted amount. An official from the ministry of finance recently said Cameroon is honouring its debt repayments.

Source: The North Africa Journal August 14, 2023 12:59 UTC