Fitch downgrades Ethiopia on rising default risk

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JOHANNESBURG/LONDON - Fitch downgraded Ethiopia deeper into junk territory on Thursday to CC from CCC-, citing gaps in the country's external financing that it said increased its likelihood of a default.Fitch cut the rating for the country's foreign currency debt, also citing the"probable risk of a default" as it pursues debt relief under the G20's"Common Framework" agreement.

Africa's second most populous country has struggled with debt, which government figures pegged at $28.2 billion at the end of March, following a punishing two-year civil war that ended last year.

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