PHOTO
Image used for illustrative purpose only. A woman counts Ethiopian birr notes, after selling a cabbage at the Mercato market in Addis Ababa November 14, 2015. Tiksa Negeri, Reuters
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)
