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9% Official Moncler Outlet of GDP in 2016 and 4% of revenues in

Fitch Affirms Nicaragua at ‘B

(The following statement was released by the rating agency) NEW YORK, August 23 (Fitch) Fitch Ratings has affirmed Nicaragua’s Long term foreign currency Issuer Default Ratings at ‘B ‘ with moncler outlet canada a Stable Outlook. A full list of rating actions follows at the moncler coats sale end of this release. KEY RATING DRIVERS Nicaragua’s credit ratings reflect its macroeconomic stability, economic performance and prudent public financial management relative to the ‘B’ median. The ratings are constrained by the sovereign’s large external moncler coats for women vulnerabilities and cheap moncler jackets wholesale structural weaknesses including low per capita income, shallow domestic capital market, social and governance indicators. Nicaragua’s macroeconomic performance is robust with decreased inflation. The economy moncler coats for men has expanded at an average annual rate of 5.2% over the past five years, higher than the ‘B’ median of 3.5%. export demand, low international oil prices, foreign investment receipts and access to external financing) remain broadly supportive for growth. Fitch expects economic growth to moderate slightly toward its 4.5% potential rate in 2017 2018, reflecting reduced investment and consumption stimulus from Venezuela’s PetroCaribe programme. Consumer price inflation has converged with the ‘B’ median. Inflation, which averaged 3.5% in 2016 and was 3.1% yoy in July, has been subdued by low, stable fuel import prices in the context of the predictable crawling peg currency regime. Nicaragua’s recent fiscal performance has supported its credit profile relative to peers. The general government debt and interest burdens are moderate at 41.9% Official Moncler Outlet of GDP in 2016 and 4% of revenues in 2017, respectively, and below the ‘B’ median. The central government has a track record of running the budget with a zero primary balance. However, Fitch expects larger general government deficits to gradually increase the moncler jackets cheap debt trajectory beginning in 2019, reversing the previous trend of falling debt levels. Fitch also expects the general government deficit to cheap moncler jackets increase to 1.8% of GDP in 2017, up from moncler outlet uk 1.6% of moncler jackets kids GDP in 2016, driven by a step up in infrastructure outlays and the social security institute (INSS) operational deficit. The fund’s operational deficit has increased in recent cheap moncler jackets outlet years to 0.4% of GDP in 2016 and is currently financed from the scheme’s reserves (estimated by the IMF to be depleted in 2019), limiting immediate pressure on the debt trajectory. Fitch expects that structural reforms will be required to balance the INSS fund and that the earliest political window for passage of reforms may not occur until 2018 (after the November 2017 municipal elections). Fitch expects the government will continue to meet its financing needs, USD356 million in 2017, with close to moncler jackets outlet online USD100 million domestic issuance and multilateral credits. voting shares in the affected multilateral lenders. PetroCaribe risks to public and external finances appear manageable. The Venezuelan moncler outlet location PetroCaribe programme, which provided FDI and external loans moncler coats cheap with concessional terms to the Nicaraguan private sector, is winding down. Private external debt to Venezuela totalled USD3.2 billion or 24.8% of GDP in 2016. At current oil prices, Fitch expects a net outflow of moncler jackets outlet funds in 2017 as private borrowers begin repaying close to USD200 million per year during 2017 2019. The government has already absorbed into the budget 0.4% of GDP in related social programmes. The balance of payments risks are reduced by PetroCaribe’s concessional debt service terms, the central bank’s external liquidity (USD2.6 billion net international reserves and a USD200 million contingent line), and moderating import demand. moncler outlet woodbury Nicaragua remains vulnerable to other moncler outlet online store shocks. More than 80% of government debt is foreign currency denominated moncler outlet and so is exposed buy moncler jackets toronto to exchange rate risk. The government has less financing flexibility relative to some ‘B’ and ‘BB’ rated peers, reflecting the underdeveloped domestic capital market and a preference for lower interest official credits for its external financing needs. Nicaragua has large external vulnerabilities. The current account deficit, forecast at 8.4% of GDP in 2017, is large relative to the ‘B’ moncler jackets men median of 5.5% of GDP and those of its Central American neighbors, although FDI finances three quarters. Its exports, although diversifying, are comparatively intense in agricultural commodities while fuel imports are substantial. The financial system and financial contracts are highly dollarized, driven in part by the stabilized currency arrangement. Net external debt, 91.5% of current external receipts (CXR) in 2016, surpasses the ‘B’ median of 68.2%. The central bank moncler outlet ny maintains moncler jackets toronto external liquidity and contingent credit lines from multilateral banks to offset shocks. Net international reserves cover 3.6 months of current external payments and support Nicaragua’s international liquidity ratio at 200% of current external debt service and short term external liabilities. Nicaragua’s external debt service is low at 10.7% of CXR Moncler Factory Outlet in 2017. The Ortega administration maintains a stable macroeconomic moncler jackets policy environment moncler coats for kids supported by private sector consultation on economic policy. However, Nicaragua’s governance indicators are in line with the ‘B’ median. The 2016 national elections further centralized political institutions as President Ortega of the FSLN Party won his third consecutive term since 2006, the first lady won the vice presidency, and the FSLN enlarged its legislative majority. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch’s proprietary SRM assigns Nicaragua a score equivalent to a rating of ‘B’ on the Long term FC IDR scale. Fitch’s moncler outlets uk sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to rated peers, as follows: Public finances: 1 notch, reflecting that Nicaragua has a track record of prudent public financial management, which has supported improving macro stability and domestic debt reduction. External debt relief has also lowered general government debt. Fitch’s SRM is the agency’s proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch’s QO is a forward looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The Stable Outlook reflects Fitch’s view that upside and downside risks to the rating are broadly balanced. The main risk factors that, individually or collectively, could trigger a rating action are: Positive: Sustained moncler jacket outlet economic growth that reduces Nicaragua’s per capita income gap relative to peers; Reduction of external vulnerabilities; Sustained improvement in structural weaknesses, including stronger governance and social indicators. Negative: Weakening of the external balance sheet or external liquidity; Deterioration of public finances and debt dynamics; Emergence of increased macroeconomic imbalances or financial instability. economic growth rates (2.1% in 2017, 2.6% in 2018, and 2.2% in 2019). Fitch has affirmed Nicaragua’s ratings as follows: Long term foreign currency IDR at ‘B ‘; Outlook Stable; Long term local currency IDR at ‘B ‘; Outlook Stable; Short term foreign currency IDR at ‘B’; Short term local currency IDR at ‘B’; Country Ceiling at ‘B ‘. Contact: Primary Analyst Kelli Bissett Tom Associate Director 1 212 908 0564 Fitch Ratings, Inc. 21 Jul 2017) here Sovereign Rating Criteria (pub. 21 Jul 2017) here Additional Disclosures Dodd Frank Rating Information Disclosure Form here Solicitation Status moncler outlet kids heresolicitation Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT moncler jackets on sale TO CERTAIN LIMITATIONS moncler jackets for women AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, discount moncler outlet CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE here. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN moncler chicago EU REGISTERED ENTITY CAN BE FOUND ON THE womens moncler jackets ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1 800 753 4824, (212) 908 0500. Fax: (212) 480 4435. Reproduction or retransmission in whole or in part is prohibited except by permission. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third party verification it obtains will vary discount moncler jackets depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre existing third party verifications such as audit reports, agreed upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of cheap moncler coats for women other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and moncler outlets usa its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. Individuals identified in a moncler coats for cheap Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to moncler outlet online buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax exempt nature or taxability of payments made in respect to any security. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and moncler outlet store South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within Discount Moncler Coats the meaning of the Corporations Act 2001.

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