MUMBAI (Thomson Financial) - Fitch Ratings affirmed The Republic of
Malawi's ratings, saying the country is entering its third consecutive
year of strong growth and continues to reduce domestic debt and reform
The agency noted that the economy grew strongly in 2006 and 2007, as
maize production benefited from benign weather and the government's
large-scale fertiliser subsidy.
'The economy is expected to grow
by 7 pct in 2008. Confidence is improving outside the agricultural
sector and growth is set to outperform its recent average,' it added.
The African nation's long-term foreign and local currency issuer
default ratings (IDR) were affirmed at 'B-' with a stable outlook.
Fitch also affirmed Malawi's country ceiling at 'B-' and the short-term
foreign currency IDR at 'B'.