{"id":178467,"date":"2022-12-26T08:12:49","date_gmt":"2022-12-26T16:12:49","guid":{"rendered":"http:\/\/amharic-zehabesha.com\/?p=178467"},"modified":"2022-12-26T09:10:27","modified_gmt":"2022-12-26T17:10:27","slug":"%e1%89%a0%e1%8d%8a%e1%89%bd-%e1%8b%a8%e1%8b%b0%e1%88%a8%e1%8c%83-%e1%88%9d%e1%8b%b0%e1%89%a3%e1%8d%a3-%e1%8b%a8%e1%8a%a2%e1%89%b5%e1%8b%ae%e1%8c%b5%e1%8b%ab%e1%8a%95-%e1%8a%a2","status":"publish","type":"post","link":"https:\/\/amharic.zehabesha.com\/?p=178467","title":{"rendered":"\u1260\u134a\u127d\u00a0\u12e8\u12f0\u1228\u1303\u00a0\u121d\u12f0\u1263\u1363\u00a0\u12e8\u12a2\u1275\u12ee\u1335\u12eb\u1295\u00a0\u12a2\u12ae\u1296\u121a\u00a0\u12f0\u1228\u1303\u00a0\u1232\u1232\u1232\u00a0\u1294\u130c\u1272\u126d\u00a0\u12a0\u123d\u1246\u1208\u1246\u1208! \u12e8\u1246\u120e \u1270\u121b\u122a \u12a5\u12f3\u1363 \u12e8\u12d5\u1208\u1275 \u12a5\u1295\u1300\u122b\u127d\u1295\u1295\u00a0\u1235\u1320\u1295!"},"content":{"rendered":"

\u12ad\u134d\u120d \u12a0\u1295\u12f5<\/strong>
\n\u121a\u120a\u12ee\u1295 \u12d8\u12a0\u121b\u1291\u12a4\u120d (\u12a2\u1275-\u12a2\u12ae\u1296\u121a)<\/strong><\/p>\n

\"\"<\/p>\n

\u1260\u134a\u127d \u12e8\u12f0\u1228\u1303 \u121d\u12f0\u1263\u1363 \u12e8\u12a2\u1275\u12ee\u1335\u12eb\u1295 \u12a2\u12ae\u1296\u121a \u12f0\u1228\u1303 \u12a8\u1232\u1232\u1232 \u1356\u12d8\u1272\u1268 (‘CCC+’) \u12c8\u12f0 \u1232\u1232\u1232 \u1294\u130c\u1272\u126d (‘CCC-) \u121b\u123d\u1246\u120d\u1246\u1209\u1295 \u1260\u12f2\u1234\u1295\u1260\u122d 20 \u1240\u1295 2022 \u12a5\u12a4\u12a0 \u12e8\u12a0\u121c\u122a\u12ab \u134a\u127d \u12e8\u1265\u12f5\u122d \u121d\u12d8\u1293 \u12a4\u1300\u1295\u1232 \u1218\u1228\u1303 \u12a0\u1235\u1273\u12cd\u1246\u120d\u1361\u1361\u201cFitch Ratings – Hong Kong – 20 Dec 2022: Fitch\u00a0<\/b><\/strong>Ratings has downgraded Ethiopia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘CCC’. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC’ or below. Fitch has removed the Long-Term IDRs from Under Criteria Observation (UCO).\u201d\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.(1)<\/p>\n

\u12e8\u1218\u1295\u130d\u1225\u1275 \u12d5\u12f3 \u12ad\u121d\u127d\u1275 \u12e8\u1225\u130b\u1275 \u12f0\u1228\u1303 \u12a8\u1232\u1232\u1232 \u1356\u12d8\u1272\u1268 (‘CCC+’) \u12c8\u12f0 \u1232\u1232\u1232 \u1294\u130c\u1272\u126d (‘CCC-) \u1260\u121b\u123d\u1246\u120d\u1246\u1209 \u12a0\u12f3\u12f2\u1235 \u12e8\u12cd\u132d \u1265\u12f5\u122e\u127d \u121b\u130d\u1298\u1275\u1293 \u12e8\u12a5\u12f3 \u123d\u130d\u123d\u130d \u12f5\u122d\u12f5\u122e\u127d\u1295 \u1260\u121b\u12ab\u1204\u12f5 \u12e8\u12cd\u132d \u12a5\u12f3\u1295 \u12ad\u121d\u127d\u1275\u1295 \u12a5\u1295\u12f3\u12ed\u1328\u121d\u122d \u121b\u12f5\u1228\u130d \u12a0\u12ed\u127b\u120d\u121d\u1361\u1361<\/p>\n

\u12e8\u1265\u12f5\u122d \u1241\u120d\u134d \u12e8\u121d\u12d8\u1293 \u1218\u1295\u1308\u12f6\u127d \u00a0(<\/strong>KEY RATING DRIVERS)<\/strong><\/p>\n

\u12e8\u12a2\u1275\u12ee\u1335\u12eb \u00a0\u12e8\u1228\u1305\u121d \u00a0\u130a\u12dc \u00a0\u12e8\u12cd\u132d\u00a0\u00a0\u121d\u1295\u12db\u122a\u00a0\u1201\u1294\u1273 \u1260\u1241\u120d\u134d \u12e8\u121d\u12d8\u1293 \u1218\u1295\u1308\u12f6\u127d \u121b\u121e\u120b\u1275 \u1270\u1235\u1296\u1275 \u12a5\u12f3\u1278\u12cd\u1295 \u12a8\u121b\u12ed\u12a8\u134d\u1209\u1275 \u00a0\u121d\u12f5\u1265\u00a0\u1270\u122d\u1273\u00a0\u1270\u1230\u120d\u134b\u1208\u127d\u1361\u1361 Ethiopia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) \u12a8\u1232\u1232\u1232\u00a0\u1356\u12d8\u1272\u1268\u00a0(‘CCC+’) \u12c8\u12f0\u00a0\u1232\u1232\u1232\u00a0\u1294\u130c\u1272\u126d\u00a0(‘CCC-) \u12a8\u12f0\u1228\u1303\u12cb\u00a0\u12dd\u1245\u00a0\u12a5\u1295\u12f5\u1275\u120d \u12a5\u1295\u12f5\u1275\u12c8\u122d\u12f5 \u1270\u1308\u12f3\u1208\u127d\u1361\u1361 \u12a2\u1275\u12ee\u1335\u12eb \u12e8\u12cd\u132d \u1265\u12f5\u122d \u12e8\u121a\u12eb\u1260\u12f5\u122b\u1275 \u12cb\u1235 \u12e8\u121d\u1275\u1320\u1245\u1235\u12cd \u1203\u1308\u122d\u1293 \u12f5\u122d\u1305\u1275 \u1260\u121b\u1323\u1275 \u12d8\u1208\u1244\u1273\u12ca \u12e8\u12cd\u132d \u1265\u12f5\u122d \u12e8\u121b\u130d\u1298\u1275 \u12a5\u12f5\u120e \u1270\u1218\u1293\u121d\u1296\u120d\u1361\u1361 \u00a0\u1260\u12da\u1205\u121d \u12e8\u1270\u1290\u1233 \u121d\u122d\u1276\u127e\u1293 \u12a5\u1243\u12ce\u127d \u12a5\u12e8\u1228\u12a8\u1230 \u1218\u1204\u12f5\u1293 \u12e8\u1308\u1295\u12d8\u1265 \u134d\u1235\u1271\u121d \u12a5\u12e8\u1270\u1293\u130b \u1204\u12f6\u120d\u1361\u1361 \u00a0\u1260\u1296\u1268\u1295\u1260\u122d 2022 \u12a5\u12a4\u12a0 \u12e8\u1270\u12f0\u1228\u1308\u12cd \u12e8\u1275\u130d\u122b\u12ed \u1326\u122d\u1290\u1275 \u12e8\u1220\u120b\u121d \u1235\u121d\u121d\u1290\u1275 \u1260\u1218\u12ab\u12a8\u1208\u129b \u130a\u12dc \u12e8\u121b\u12ad\u122e \u12a5\u1293 \u12e8\u134a\u1235\u12ab\u120d \u12a2\u12ae\u1296\u121a \u12a5\u1295\u12f2\u123b\u123b\u120d \u12eb\u12f0\u122d\u130d \u12ed\u1206\u1293\u120d\u1361\u1361 \u12e8\u12d3\u1208\u121d \u12a0\u1240\u134d \u12e8\u121d\u122d\u1275 \u12a0\u1245\u122d\u1266\u1275 \u127d\u130d\u122d \u12e8\u1270\u1290\u1233 \u12e8\u1291\u122e \u12cd\u12f5\u1290\u1275 \u1240\u12cd\u1235 \u1270\u12a8\u1235\u1276\u120d\u1363\u12a5\u1295\u12f2\u1201\u121d \u00a0\u12e8\u1218\u1295\u130d\u1225\u1273\u12ca \u1265\u12f5\u122d \u1218\u123b\u123b\u120d \u1225\u122d\u12d3\u1275 \u12ed\u123d\u120d\u1361\u1361<\/p>\n

Downgrade of IDRs<\/b><\/strong>: The downgrade of Ethiopia’s LT FC IDR to ‘CCC-‘ reflects the lack of identified external financing necessary to meet substantial external financing gaps, along with a material decline in Ethiopia’s external liquidity. This is balanced against the November 2022 peace agreement reached in the Tigray War, which will improve the medium-term macro and fiscal outlooks; the expected easing of global supply chain constraints, which will help to ease inflationary and external pressures; and the improvement of public debt metrics.<\/p>\n

\u12a2\u1275\u12ee\u1335\u12eb \u12e8\u12cd\u132d \u1265\u12f5\u122d \u12e8\u12c8\u1208\u12f5 \u12ad\u134d\u12eb\u1361-<\/strong>\u12e8\u12a2\u1275\u12ee\u1335\u12eb \u12e8\u12cd\u132d \u1265\u12f5\u122d \u12a0\u1308\u120d\u130d\u120e\u1275 \u127d\u130d\u122d \u12e8\u12cd\u132d \u1265\u12f5\u122d \u134d\u1235\u1275 \u1218\u1263\u1263\u1235 \u134a\u127d \u1260\u1308\u1218\u1270\u12cd \u1218\u1220\u1228\u1275 \u1260\u1301\u1295 2023\u12a5\u12a4\u12a0 \u12a2\u1275\u12ee\u1335\u12eb \u12e8\u12cd\u132d \u1265\u12f5\u122d \u12e8\u12c8\u1208\u12f5 \u12ad\u134d\u12eb 1.6 \u1262\u120a\u12ee\u1295 \u12f6\u120b\u122d \u1232\u1206\u1295 \u12602024\u12a5\u12a4\u12a0 \u12f0\u130d\u121e \u12a0\u1295\u12f5 \u1262\u120a\u12ee\u1295 \u12f6\u120b\u122d \u12e8\u12c8\u1208\u12f5 \u12ad\u134d\u12eb \u12ed\u1320\u1260\u1245\u1263\u1273\u120d\u1361\u1361<\/p>\n

\u12a2\u1275\u12ee\u1335\u12eb \u12e8\u12cd\u132d \u121d\u1295\u12db\u122a \u12ad\u121d\u127d\u1275\u1361-<\/strong>\u00a0\u12a2\u1275\u12ee\u1335\u12eb \u12602022 \u12a5\u12a4\u12a0 \u12e8\u1290\u1260\u122b\u1275 1.5 \u1262\u120a\u12ee\u1295 \u12f6\u120b\u122d \u00a0\u12e8\u12cd\u132d \u121d\u1295\u12db\u122a \u12ad\u121d\u127d\u1275 \u1208\u12a0\u1295\u12f5 \u12c8\u122d \u12eb\u1290\u1230 \u130d\u12e2 \u1218\u1348\u1338\u121a\u12eb \u1265\u127b \u12a5\u1295\u12f0\u1290\u1260\u122d \u12ed\u1273\u12c8\u1243\u120d\u1361\u1361 \u1260\u1270\u1218\u1233\u1233\u12ed \u12a2\u1275\u12ee\u1335\u12eb \u12602023 \u12a5\u12a4\u12a0 \u12e8\u121a\u1296\u122b\u1275 1.7 \u1262\u120a\u12ee\u1295 \u12f6\u120b\u122d \u12e8\u12cd\u132d \u121d\u1295\u12db\u122a \u12ad\u121d\u127d\u1275 \u120818 \u1240\u1293\u1275 \u130d\u12e2 \u1218\u1348\u1338\u121a\u12eb \u1265\u127b \u12a5\u1295\u12f0\u121a\u1206\u1295 \u12a0\u12ed\u12a4\u121d\u12a4\u134d \u1270\u1290\u1260\u12e8\u1361\u1361 \u12602021 \u12e8\u1290\u1260\u1228\u12cd \u12e8\u12cd\u132d \u121d\u1295\u12db\u122a \u12ad\u121d\u127d\u1275 \u1208\u12a0\u1295\u12f5 \u12c8\u122d \u12a8\u130d\u121b\u123d \u12e8\u12cd\u132d \u130d\u12e2\u12ce\u127d \u12ad\u134d\u12eb \u12e8\u121a\u1260\u1243 \u1290\u1260\u122d\u1361\u1361\u2026\u2026.\u12e8\u12a2\u1275\u12ee\u1335\u12eb \u12e8\u12cd\u132d \u12a5\u12f3 \u12ad\u121d\u127d\u1275 \u12a8\u12a0\u1320\u1243\u120b\u12ed \u12a0\u1308\u122b\u12ca \u121d\u122d\u1275 (\u1302\u12f2\u1352) 25 \u1260\u1218\u1276 \u1218\u12f5\u1228\u1231\u1295 \u12e8\u12a0\u12ed\u12a4\u121d\u12a4\u134d \u1218\u1228\u1303 \u12eb\u1218\u1208\u12ad\u1273\u120d\u1361\u1361<\/p>\n

\u12e8\u12a2\u1275\u12ee\u1335\u12eb \u12a0\u1320\u1243\u120b\u12ed \u12e8\u12cd\u132d \u12a5\u12f3 \u1218\u1320\u1295\u1361-<\/strong>\u00a0\u12e8\u12a2\u1275\u12ee\u1335\u12eb \u1308\u1295\u12d8\u1265 \u121a\u1292\u1235\u1274\u122d \u1263\u1208\u1348\u12cd \u1218\u1235\u12a8\u1228\u121d \u12c8\u122d \u12eb\u12c8\u1323\u12cd \u12e8\u12a0\u1308\u122a\u1271 \u12a0\u1320\u1243\u120b\u12ed \u12e8\u12cd\u132d \u12a5\u12f3 \u1218\u1320\u1295 27.9 \u1262\u120a\u12ee\u1295 \u12f6\u120b\u122d \u1218\u12f5\u1228\u1231\u1295\u1293 \u12ed\u1205\u121d \u12a8\u1302\u12f2\u1352\u12cd 25 \u1260\u1218\u1276 \u1218\u1206\u1291\u1295 \u12eb\u1218\u1208\u12ad\u1273\u120d\u1361\u1361\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026..\u2026\u2026.(2)<\/p>\n

Worsening External Liquidity:\u00a0<\/b><\/strong>In the absence of a CF debt treatment that would reduce Ethiopia’s external debt servicing burden and facilitate the disbursement of additional external financing, the country’s external liquidity will continue to worsen. Fitch estimates that Ethiopia faces USD1.6 billion in external debt interest payments in the fiscal year ending June 2023 (FY23) and USD1 billion in FY24. This represents 2.3% and 2.2% of current external receipts, which compares favourably with the ‘B’\/’C’\/’D’ medians of 3.7% and 4%. However, gross international reserves fell to USD1.5 billion (less than one month of current external payments) in FY22, and a widening current account deficit will see reserves fall further in FY23. We forecast the current account deficit plus net FDI at USD1.7 billion in FY23.<\/p>\n

\u134a\u127d\u00a0\u130d\u121d\u1275\u00a0\u1218\u1220\u1228\u1275\u00a0\u12e8\u12a2\u1275\u12ee\u1335\u12eb\u00a0\u12e8\u1270\u1323\u122b\u00a0\u12e8\u12cd\u132d\u00a0\u12d5\u12f3\u00a0166 \u1260\u1218\u1276\u00a0\u00a0\u12a0\u1201\u1295\u00a0\u1263\u1208\u12cd\u00a0\u12e8\u12cd\u132d\u00a0\u1308\u1262\u00a0\u12602022 \u12a5\u12a4\u12a0\u00a0\u1218\u1328\u1228\u123b\u00a0\u1232\u12c8\u12f3\u12f0\u122d\u00a058 \u1260\u1218\u1276\u00a0\u12f5\u122d\u123b\u00a0\u12a0\u1208\u12cd\u1361\u1361\u00a0\u00a0\u12a8\u12da\u1205 \u12cd\u1235\u1325 28 \u1262\u120a\u12ee\u1295 \u12f6\u120b\u122d \u00a0\u00a0\u12e8\u12a0\u1308\u122d\u00a0\u12cd\u1235\u1325\u00a0\u12e8\u1218\u1295\u130d\u1225\u1275\u00a0\u12d5\u12f3 \u1232\u1206\u1295\u1363 19 (\u12a0\u1235\u122b \u12d8\u1320\u129d) \u1262\u120a\u12ee\u1295 \u12f0\u120b\u122d \u1260\u121b\u12d5\u12a8\u120b\u12ca\u12cd \u1218\u1295\u130d\u1225\u1275 \u12e8\u1270\u12c8\u1230\u12f0 \u1240\u1325\u1270\u129b \u12a5\u12f3 \u1290\u12cd\u1361\u1361 \u1260\u1270\u1218\u1233\u1233\u12ed \u1218\u1295\u130d\u1225\u1275 \u12e9\u122e\u1266\u1295\u12f5 \u12e8\u12c8\u1230\u12f0\u12cd \u12a0\u1295\u12f5 \u1262\u120a\u12ee\u1295 \u12f6\u120b\u122d \u00a0\u12ad\u134d\u12eb \u1260\u12f2\u1234\u121d\u1260\u122d 2024\u12a5\u12a4\u12a0 \u12ad\u134d\u12eb\u12cd \u1270\u1348\u133b\u121a \u12ed\u1206\u1293\u120d\u1361\u1361 \u00a0\u1218\u1295\u130d\u1225\u1273\u12ca \u12e8\u120d\u121b\u1275 \u12f5\u122d\u1305\u1276\u127d (SOE) \u1240\u122a\u12cd\u1295 \u00a09 (\u12d8\u1320\u129d) \u1262\u120a\u12ee\u1295 \u12f6\u120b\u122d \u12e8\u12cd\u132d \u1265\u12f5\u122d \u1275\u122d\u134b\u121b \u1260\u1218\u1206\u1293\u1278\u12cd \u12a5\u12f3\u1278\u12cd\u1295 \u12e8\u1218\u12ad\u1348\u120d \u130d\u12f4\u1273\u1278\u12cd\u1295 \u1218\u12c8\u1323\u1275 \u12ed\u127d\u120b\u1209\u1361\u1361 Fitch estimates that Ethiopia’s net external debt at 166% of current external receipts at end-FY22; compared with the ‘B’\/’C’\/’D’ median of 58%. Of the USD28 billion outstanding in external public sector debt, USD19 billion is owed directly by the central government. We believe that Ethiopia’s state-owned enterprises (SOE), which hold the remaining amount, are profitable and able to meet their financing obligations. \u2026.The government will face a sharp increase in external debt amortisations in FY25, with the coming due of the USD1 billion Eurobond in December 2024.<\/p>\n

\u12e8\u12a2\u1295\u1268\u12ed\u122e\u1218\u1295\u1275<\/strong>\u00a0<\/strong>\u1236\u123b\u120d\u1293<\/strong>\u00a0<\/strong>\u1218\u120d\u12ab\u121d<\/strong>\u00a0<\/strong>\u12a0\u1235\u1270\u12f3\u12f0\u122d<\/strong>\u00a0<\/strong>\u1218\u1218\u12d8\u129b<\/strong>\u00a0<\/strong>\u1273\u1233\u1262\u12ce\u127d<\/strong>\u00a0(<\/strong>ESG CONSIDERATIONS<\/b><\/strong>)<\/strong><\/p>\n

\u12e8\u12a2\u1275\u12ee\u1335\u12eb\u00a0\u12e8\u1218\u1260\u12f0\u122d\u00a0\u1218\u1265\u1275\u00a0\u1308\u1345\u1273\u12cb\u1293\u00a0\u12a0\u1246\u121e\u1295\u00a0(credit profile) \u12e8\u12a2\u1295\u1268\u12ed\u122e\u1218\u1295\u1275\u00a0\u1236\u123b\u120d\u1293\u00a0\u1218\u120d\u12ab\u121d\u00a0\u12a0\u1235\u1270\u12f3\u12f0\u122d\u00a0\u1218\u1218\u12d8\u129b\u12ce\u127d\u00a0\u1263\u1208\u121e\u121e\u120b\u1275\u00a0\u1232\u1232\u1232\u00a0\u1356\u12d8\u1272\u1268\u00a0\u00a0(‘CCC+’) \u12c8\u12f0 \u1232\u1232\u1232 \u1294\u130c\u1272\u126d (‘CCC-)\u00a0\u12f0\u1228\u1303\u00a0\u12c8\u122d\u12f3\u1208\u127d\u1361\u1361\u00a0\u1218\u1218\u12d8\u129b\u12ce\u1279\u1295\u00a0\u12a5\u1295\u1206\u1361- \u00a0\u00a0ESG – Governance:\u00a0<\/b><\/strong>Ethiopia has an ESG Relevance Score (RS) of ‘5’ for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. Theses scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model. Ethiopia has a low WBGI ranking at 23.6, reflecting the absence of a recent track record of peaceful political transitions, relatively weak rights for participation in the political process, weak institutional capacity, uneven application of the rule of law and a high level of corruption.<\/p>\n

\u12e8\u1356\u1208\u1272\u12ab<\/strong>\u00a0<\/strong>\u1218\u1228\u130b\u130b\u1275\u1293<\/strong>\u00a0<\/strong>\u1218\u1265\u1276\u127d<\/strong>\u00a0<\/strong>\u1218\u1218\u12d8\u129b\u1364<\/strong>\u00a0\u12a2\u1275\u12ee\u1335\u12eb\u00a0\u12e8\u12a2\u1295\u1268\u12ed\u122e\u1218\u1295\u1275\u00a0\u1236\u123b\u120d\u1293\u00a0\u1308\u1268\u122d\u1293\u1295\u1235\u00a0\u1273\u1233\u1262\u00a0\u12eb\u12f0\u1228\u1308\u00a0\u12e8\u1356\u1208\u1272\u12ab\u00a0\u1218\u1228\u130b\u130b\u1275\u1293\u00a0\u1218\u1265\u1276\u127d\u1295\u00a0\u12eb\u12ab\u1270\u1270\u00a0\u1218\u1218\u12d8\u129b\u12cb\u127d\u1295\u00a0\u1260\u1270\u1208\u12ed\u121d\u00a0\u12e8\u12d3\u1208\u121d\u00a0\u1263\u1295\u12ad\u00a0\u1308\u1268\u122d\u1293\u1295\u1235\u00a0\u1218\u1218\u12d8\u129b\u12ce\u127d\u1295\u00a0World Bank Governance Indicators (WBGI) \u12eb\u12ab\u1270\u1270\u00a0\u12e8\u134a\u127d\u00a0\u1241\u120d\u134d\u00a0\u12e8\u12f0\u1228\u1303\u00a0\u1290\u1325\u1266\u127d\u1295\u00a0\u12a2\u1275\u12ee\u1335\u12eb\u00a0\u12f0\u1228\u1303\u00a0\u12a8\u1218\u1276\u00a0\u1203\u121d\u1233\u00a0\u1260\u1273\u127d\u00a0\u1260\u121b\u1235\u1218\u12dd\u1308\u1265\u00a0\u12e8\u12a0\u1235\u1270\u12f3\u12f0\u122d\u00a0\u1218\u1218\u12d8\u129b\u12ce\u127d\u1295\u00a0(\u1308\u1268\u122d\u1293\u1295\u1235\u00a0\u1218\u1218\u12d8\u129b) \u00a0\u1263\u1208\u121e\u121e\u120b\u1275\u00a0\u00a0\u12e8\u1265\u12f5\u122d\u00a0\u12a0\u1320\u1243\u120b\u12ed\u00a0\u1308\u1345\u1273\u12cb\u1293\u00a0\u12a0\u1246\u121e\u1295\u00a0(credit profile) \u00a0\u1294\u130c\u1272\u1268\u00a0\u12a5\u1295\u12f2\u1206\u1295\u00a0\u12a0\u12f5\u122d\u130e\u1273\u120d\u1361\u1361Ethiopia has an ESG Relevance Score of ‘5’ for Political Stability and Rights as WBGIs have the highest weight in Fitch’s SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Ethiopia has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile.<\/p>\n

\u12e8\u1218\u120d\u12ab\u121d<\/strong>\u00a0<\/strong>\u12a0\u1235\u1270\u12f3\u12f0\u122d\u1293<\/strong>\u00a0<\/strong>\u1219\u1235\u1293<\/strong>\u00a0<\/strong>\u1218\u1218\u12d8\u129b\u1364<\/strong>\u00a0\u12a2\u1275\u12ee\u1335\u12eb\u00a0\u12e8\u12a2\u1295\u1268\u12ed\u122e\u1218\u1295\u1275\u00a0\u1236\u123b\u120d\u1293\u00a0\u1308\u1268\u122d\u1293\u1295\u1235\u00a0\u1273\u1233\u1262\u00a0\u12eb\u12f0\u1228\u1308\u00a0\u12e8\u1205\u130d\u00a0\u12e8\u1260\u120b\u12ed\u1290\u1275\u1363\u00a0\u1219\u1235\u1293\u1295\u00a0\u12e8\u121a\u1218\u12ad\u1275\u00a0\u1218\u12f0\u1260\u129b\u00a0\u1265\u1243\u1275\u00a0\u1325\u122b\u1275\u1293\u00a0\u1270\u1246\u1323\u1323\u122a\u00a0\u1270\u124c\u121d\u00a0\u00a0\u12e8\u12d3\u1208\u121d\u00a0\u1263\u1295\u12ad\u00a0\u1308\u1268\u122d\u1293\u1295\u1235\u00a0\u1218\u1218\u12d8\u129b\u12ce\u127d\u1295\u00a0\u12e8\u121a\u12eb\u121f\u120b\u1293\u00a0\u12e8\u134a\u127d\u00a0\u1241\u120d\u134d\u00a0\u12e8\u12f0\u1228\u1303\u00a0\u1290\u1325\u1266\u127d\u1295\u00a0\u12a2\u1275\u12ee\u1335\u12eb\u00a0\u12f0\u1228\u1303\u00a0\u12a8\u1218\u1276\u00a0\u1203\u121d\u1233\u00a0\u1260\u1273\u127d\u00a0\u1260\u121b\u1235\u1218\u12dd\u1308\u1265\u00a0\u12e8\u12a0\u1235\u1270\u12f3\u12f0\u122d\u00a0\u1218\u1218\u12d8\u129b\u12ce\u127d\u1295\u00a0\u1263\u1208\u121e\u121f\u120b\u1275\u00a0\u00a0\u12e8\u1265\u12f5\u122d\u00a0\u12a0\u1320\u1243\u120b\u12ed\u00a0\u1308\u1345\u1273\u12cb\u1293\u00a0\u12a0\u1246\u121e\u1295\u00a0(credit profile) \u00a0\u1294\u130c\u1272\u1268\u00a0\u12a5\u1295\u12f2\u1206\u1295\u00a0\u12a0\u12f5\u122d\u130e\u1273\u120d\u1361\u1361Ethiopia has an ESG Relevance Score of ‘5’ for Rule of Law, Institutional and Regulatory Quality and Control of Corruption as WBGIs have the highest weight in Fitch’s SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Ethiopia has a percentile rank below 50 for the respective Governance Indicators, this has a negative impact on the credit profile.<\/p>\n

\u12e8\u1235\u1265\u12d3\u12ca \u1218\u1265\u1276\u127d\u1293 \u12e8\u1356\u1208\u1272\u12ab \u1290\u1343\u1290\u1275 \u1218\u1218\u12d8\u129b\u1364<\/strong>\u00a0\u12a2\u1275\u12ee\u1335\u12eb\u00a0\u12e8\u12a2\u1295\u1268\u12ed\u122e\u1218\u1295\u1275\u1363\u00a0\u1236\u123b\u120d\u1293\u00a0\u1218\u120d\u12ab\u121d \u12a0\u1235\u1270\u12f3\u12f0\u122d\u1295 \u1273\u1233\u1262\u00a0\u12eb\u12f0\u1228\u1308 \u12e8\u1235\u1265\u12d3\u12ca \u1218\u1265\u1276\u127d\u1293 \u12e8\u1356\u1208\u1272\u12ab \u1290\u1343\u1290\u1275\u1293 \u00a0\u12e8\u12d3\u1208\u121d\u00a0\u1263\u1295\u12ad\u00a0\u1308\u1268\u122d\u1293\u1295\u1235\u00a0\u1218\u1218\u12d8\u129b\u12ce\u127d\u1295\u00a0\u12e8\u121a\u12eb\u121f\u120b\u1293\u00a0\u12e8\u134a\u127d\u00a0\u1241\u120d\u134d\u00a0\u12e8\u12f0\u1228\u1303\u00a0\u1290\u1325\u1266\u127d\u1295\u00a0\u12a2\u1275\u12ee\u1335\u12eb\u00a0\u12f0\u1228\u1303\u00a0\u12a8\u1218\u1276\u00a0\u1203\u121d\u1233\u00a0\u1260\u1273\u127d\u00a0\u1260\u121b\u1235\u1218\u12dd\u1308\u1265\u00a0\u12e8\u12a0\u1235\u1270\u12f3\u12f0\u122d\u00a0\u1218\u1218\u12d8\u129b\u12ce\u127d\u1295\u00a0\u1263\u1208\u121e\u121f\u120b\u1275\u00a0\u00a0\u12e8\u1265\u12f5\u122d\u00a0\u12a0\u1320\u1243\u120b\u12ed\u00a0\u1308\u1345\u1273\u12cb\u1293\u00a0\u12a0\u1246\u121f\u1295\u00a0(credit profile) \u00a0\u1294\u130c\u1272\u1268\u00a0\u12a5\u1295\u12f2\u1206\u1295\u00a0\u12a0\u12f5\u122d\u130e\u1273\u120d\u1361\u1361 Ethiopia has an ESG Relevance Score of ‘4’ for Human Rights and Political Freedoms, as the Voice and Accountability pillar of the WBGI is relevant to the rating and a rating driver. As Ethiopia has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile.<\/p>\n

\u12a0\u1308\u120d\u130d\u120e\u1275 \u12e8\u1218\u1235\u1320\u1275 \u134d\u1243\u12f0\u129d\u1290\u1275\u1293 \u00a0\u12d5\u12f3 \u12e8\u1218\u12ad\u1348\u120d \u1218\u1218\u12d8\u129b<\/strong>\u1364 \u1218\u1220\u1228\u1275 \u12a2\u1275\u12ee\u1335\u12eb\u00a0\u12e8\u12a2\u1295\u1268\u12ed\u122e\u1218\u1295\u1275\u1363\u00a0\u1236\u123b\u120d\u1293\u00a0\u1218\u120d\u12ab\u121d \u12a0\u1235\u1270\u12f3\u12f0\u122d\u1295 \u1273\u1233\u1262\u00a0\u12eb\u12f0\u1228\u1308 \u12a0\u1308\u120d\u130d\u120e\u1275 \u12e8\u1218\u1235\u1320\u1275 \u134d\u1243\u12f0\u129d\u1290\u1275\u1293 \u00a0\u12d5\u12f3 \u12e8\u1218\u12ad\u1348\u120d \u1263\u1205\u120d \u12e8\u12d3\u1208\u121d\u00a0\u1263\u1295\u12ad\u00a0\u1308\u1268\u122d\u1293\u1295\u1235\u00a0\u1218\u1218\u12d8\u129b\u12ce\u127d\u1295\u00a0\u12e8\u121a\u12eb\u121f\u120b\u1293\u00a0\u12e8\u134a\u127d\u00a0\u1241\u120d\u134d\u00a0\u12e8\u12f0\u1228\u1303\u00a0\u1290\u1325\u1266\u127d\u1295\u00a0\u12a2\u1275\u12ee\u1335\u12eb \u12a8\u1245\u122d\u1265 \u130a\u12dc \u1300\u121d\u122b \u00a0\u1218\u1295\u130d\u1235\u1273\u12ca \u12a5\u12f3\u12cb\u1295 \u12a82006 \u12a5\u12a2\u12a0 \u1300\u121d\u122b \u1225\u122d\u12d3\u1275 \u12eb\u1233\u12eb\u12d8\u127d\u12cd \u1260\u12da\u1205\u121d \u12f0\u1228\u1303\u12cb\u1295 \u00a0\u1263\u1208\u121e\u121f\u120b\u1275\u00a0\u00a0\u12e8\u1265\u12f5\u122d\u00a0\u12a0\u1320\u1243\u120b\u12ed\u00a0\u1308\u1345\u1273\u12cb\u1293\u00a0\u12a0\u1246\u121f\u1295\u00a0(credit profile) \u00a0\u12a0\u1209\u1273\u12ca \u00a0\u12a5\u1295\u12f2\u1206\u1295\u00a0\u12a0\u12f5\u122d\u130e\u1273\u120d\u1361\u1361 Ethiopia has an ESG Relevance Score of ‘4’ for Creditor’s Rights, as willingness to service and repay debt is relevant to the rating and is a rating driver for Ethiopia, as for all sovereigns. As Ethiopia has a fairly recent restructuring of public debt in 2006, this has a negative impact on the credit profile.<\/p>\n

\u12a8\u134d\u1270\u129b\u12c9 \u00a0\u12e8\u12a2\u1295\u1268\u12ed\u122e\u1218\u1295\u1275\u1363\u00a0\u1236\u123b\u120d\u1293\u00a0\u1218\u120d\u12ab\u121d \u12a0\u1235\u1270\u12f3\u12f0\u122d\u1295 \u1218\u1218\u12d8\u129b\u12ce\u127d\u1295 \u1273\u1233\u1262\u00a0\u12eb\u12f0\u1228\u1308 \u1226\u1235\u1275 \u1290\u1325\u1266\u127d\u1295 \u12e8\u12eb\u12d8\u1363 \u00a0\u121b\u1208\u1275\u121d \u12a5\u1290\u12da\u1205\u1295 \u1218\u1218\u12d8\u129b\u12ce\u127d \u12eb\u12ab\u1270\u1270 \u00a0\u12e8\u12d3\u1208\u121d\u00a0\u1263\u1295\u12ad\u00a0\u1308\u1268\u122d\u1293\u1295\u1235\u00a0\u1218\u1218\u12d8\u129b\u12ce\u127d\u1295\u00a0\u12e8\u121a\u12eb\u121f\u120b\u1293\u00a0\u12e8\u134a\u127d\u00a0\u1241\u120d\u134d\u00a0\u12e8\u12f0\u1228\u1303\u00a0\u1290\u1325\u1266\u127d\u1295\u00a0\u00a0\u12e8\u1265\u12f5\u122d\u00a0\u12a0\u1320\u1243\u120b\u12ed\u00a0\u1308\u1345\u1273\u00a0(credit profile) \u00a0\u1208\u1218\u1228\u12f3\u1275 \u1208\u1270\u1328\u121b\u122a \u1218\u1228\u1303\u12ce\u127d \u12f5\u122d-\u1308\u1341\u1295 \u12ed\u130e\u1265\u1299\u1361\u1361 Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of ‘3’. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or to the way in which they are being managed by the entity. For more information on Fitch’s ESG Relevance Scores, visitwww.fitchratings.com\/<\/u><\/a>esg<\/u>.<\/p>\n

\u12e8\u1246\u120e \u1270\u121b\u122a \u12a5\u12f3 \u2039\u2039\u12e8\u12a5\u1208\u1275 \u12a5\u1295\u1300\u122b\u127d\u1295\u1295 \u1235\u1320\u1295!!!\u203a\u203a \u12e8\u12a0\u12f2\u1235 \u12a0\u1260\u1263 \u1270\u121b\u122a\u12ce\u127d \u12e8\u1290\u133b\u1290\u1275 \u1325\u12eb\u1244\u1295 \u12e8\u12f3\u1266 \u1325\u12eb\u1244 \u120b\u1228\u1309 \u12e8\u1265\u120d\u1345\u130d\u1293 \u1353\u122d\u1272 \u1356\u1208\u1272\u12a8\u129e\u127d \u1206\u12f3\u1278\u12cd\u1295 \u12e8\u121a\u121e\u1209\u1275 \u1260\u1265\u12f5\u122d \u12a5\u12f3 \u1218\u1206\u1291\u1295 \u12d8\u1295\u130d\u1270\u12cd\u1363\u1270\u121b\u122a\u12ce\u127d \u1260\u130d\u1265\u122d \u12a8\u134b\u12e9 \u1283\u1265\u1275 \u1218\u1218\u1308\u1263\u1278\u12cd\u1295 \u1228\u1235\u1270\u12cd \u120d\u1306\u1279\u1295 \u1208\u121b\u1238\u121b\u1240\u1245 \u12eb\u12f0\u1228\u1309\u1275 \u1234\u122b \u12a8\u123d\u134e\u120d\u1361\u1361 \u1303\u1295\u1206\u12ed \u1208\u12d3\u1208\u121d\u121b\u12eb \u12e9\u1292\u1268\u122d\u1232\u1272 \u1270\u121b\u122a\u12ce\u127d \u00a0\u1260\u1267\u1295\u1267\u00a0\u00a0\u12c8\u1270\u1275 \u12eb\u1320\u1321 \u12e8\u1290\u1260\u1228\u1260\u1275 \u12c8\u122d\u1243\u121b \u12d8\u1218\u1295 \u1290\u1260\u122d\u1361\u1361<\/p>\n

\u121d\u1295\u132d<\/b><\/strong><\/p>\n

(1) Fitch Downgrades Ethiopia to ‘CCC-‘; Removes From UCO\/<\/b><\/strong>Tue 20 Dec, 2022 – 5:36 AM ET<\/p>\n

(2) \u12a2\u1275\u12ee\u1335\u12eb \u12e8\u121a\u1296\u122b\u1275 \u12e8\u12cd\u132d \u121d\u1295\u12db\u122a \u12ad\u121d\u127d\u1275 \u120818 \u1240\u1293\u1275 \u130d\u12e2 \u1218\u1348\u1338\u121a\u12eb \u1265\u127b \u12a5\u1295\u12f0\u121a\u1206\u1295 \u12a0\u12ed\u12a4\u121d\u12a4\u134d \u1270\u1290\u1260\u12e8\u1361\u1361 \u12a6\u12ad\u1276\u1260\u122d 19 \u1240\u1295 2022\u12a5\u12a4\u12a0 \u122a\u1356\u122d\u1270\u122d \u130b\u12dc\u1323<\/p>\n","protected":false},"excerpt":{"rendered":"

\u12ad\u134d\u120d \u12a0\u1295\u12f5 \u121a\u120a\u12ee\u1295 \u12d8\u12a0\u121b\u1291\u12a4\u120d (\u12a2\u1275-\u12a2\u12ae\u1296\u121a) \u1260\u134a\u127d \u12e8\u12f0\u1228\u1303 \u121d\u12f0\u1263\u1363 \u12e8\u12a2\u1275\u12ee\u1335\u12eb\u1295 \u12a2\u12ae\u1296\u121a \u12f0\u1228\u1303 \u12a8\u1232\u1232\u1232 \u1356\u12d8\u1272\u1268 (‘CCC+’) \u12c8\u12f0 \u1232\u1232\u1232 \u1294\u130c\u1272\u126d (‘CCC-) \u121b\u123d\u1246\u120d\u1246\u1209\u1295 \u1260\u12f2\u1234\u1295\u1260\u122d 20 \u1240\u1295 2022 \u12a5\u12a4\u12a0 \u12e8\u12a0\u121c\u122a\u12ab \u134a\u127d \u12e8\u1265\u12f5\u122d \u121d\u12d8\u1293 \u12a4\u1300\u1295\u1232 \u1218\u1228\u1303 \u12a0\u1235\u1273\u12cd\u1246\u120d\u1361\u1361\u201cFitch Ratings – Hong Kong – 20 Dec 2022: Fitch\u00a0Ratings has downgraded Ethiopia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘CCC’. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC’ or below. Fitch has removed the Long-Term IDRs from Under Criteria Observation (UCO).\u201d\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.(1) \u12e8\u1218\u1295\u130d\u1225\u1275 \u12d5\u12f3 \u12ad\u121d\u127d\u1275 \u12e8\u1225\u130b\u1275 \u12f0\u1228\u1303 \u12a8\u1232\u1232\u1232 \u1356\u12d8\u1272\u1268 (‘CCC+’) \u12c8\u12f0 \u1232\u1232\u1232 \u1294\u130c\u1272\u126d (‘CCC-) \u1260\u121b\u123d\u1246\u120d\u1246\u1209 \u12a0\u12f3\u12f2\u1235 \u12e8\u12cd\u132d \u1265\u12f5\u122e\u127d \u121b\u130d\u1298\u1275\u1293 \u12e8\u12a5\u12f3 \u123d\u130d\u123d\u130d \u12f5\u122d\u12f5\u122e\u127d\u1295 \u1260\u121b\u12ab\u1204\u12f5<\/p>\n","protected":false},"author":1,"featured_media":178469,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[978],"tags":[],"class_list":["post-178467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-978"],"_links":{"self":[{"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=\/wp\/v2\/posts\/178467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=178467"}],"version-history":[{"count":0,"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=\/wp\/v2\/posts\/178467\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=\/wp\/v2\/media\/178469"}],"wp:attachment":[{"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=178467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=178467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amharic.zehabesha.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=178467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}