Moody’s Ratings (Moody’s) one of the global leaders in credit ratings for companies, governments has downgraded the Government of Uganda’s long-term foreign-currency and local-currency issuer ratings to B3 from B2 and changed the outlook to stable from negative. In a 17th May 2024 statement, Moody’s said that the “downgrade of the ratings reflects diminished debt affordability and increasingly constrained financing options, amid greater reliance than in the past on comparatively costly domestic and non-concessional sources of external financing”. The rating agency also said that “external vulnerability risk also remains elevated, a reflection of a more challenging external debt servicing profile,…
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