(Photo Credit: REUTERS: Reinhard Krause)

Fitch Ratings has downgraded Ethiopia's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) as well as the issue rating on Ethiopia's single outstanding Eurobond to 'C' from 'CC'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below.

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