Fitch Downgrades Lesotho to 'B+'; Outlook Stable

(The following statement was released by the rating agency)

LONDON, April 22 (Fitch) Fitch Ratings has downgraded Lesotho's

Long-term

foreign currency Issuer Default Rating (IDR) to 'B+' from 'BB-'

and the

Long-term local currency IDR to 'BB- 'from 'BB'. The Outlooks on

the Long-term

IDRs are Stable. The Country Ceiling is affirmed at 'BBB' and

the Short-Term

Foreign-Currency IDR at 'B'.

KEY RATING DRIVERS

The downgrade of the IDRs reflects the following key rating

drivers:

Medium

Fitch for

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