Global rating agency Fitch on Thursday downgraded Ethiopia further into junk territory, citing the country defaulted on a payment under Ethiopia's single outstanding $1 billion Eurobond which is scheduled to mature in 2024.

Fitch, which does not assign outlooks to sovereigns with a rating of "CCC+" or below, cut its view on Ethiopia to "C" from "CC" after downgrading Africa's second most populous country to "CC" last month.

(Reporting by Shanima A in Bengaluru; Editing by Shounak Dasgupta)