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March 2007

MEA: Sovereign net borrowing will fall further in 2007

by Chloe Hayward, Guy Norton

Rated sovereigns in the Middle East and Africa are expected to show net borrowing decreases in 2007 because of large debt repayments, according to Standard & Poor’s.


Driving this trend are the positive balance sheets that several countries in the region are expected to show this year.

"This is a trend we have seen throughout EEMEA, sovereigns are borrowing less, while corporates are borrowing more. I think 2007 will see this trend continue," says Maryam Khosrowshahi, managing director in debt capital markets and global fixed income at Citi.

Reasons

Standard and Poor’s report, Middle East and Africa sovereign issuance outlook: refinancing...


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