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Japan may affect Africa's debt access

Cape Town - The reconstruction that will need to be financed after the devastating tsunami and earthquake in Japan last week may affect Africa's access to international debt markets, said Roland Cooper, director of Fitch Ratings South Africa.

Speaking on Monday at the Power Indaba, Cooper pointed out that only two African countries had investor grade ratings, namely South Africa with BBB - and Namibia with BB.

"Considering that Japan has a AAA/AA rating, where would an international investor prefer to put his money first, once Japan starts reconstructing?" Cooper asked.

He said that out of the 18 African countries currently rated by Fitch only Nigeria had a negative outlook, while the rest had outlooks of positive or stable.

"Africa is getting ready to tap the international debt markets, but one prepares a presentation like this last week and then something terrible happens overnight," Cooper said.
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