29, July 2023
Moody’s cuts Cameroon rating two notches to Caa1 citing delayed loan payment 0
Moody’s downgraded Cameroon’s credit rating to Caa1 from B2, citing delayed external debt payments in late 2022 and this year, including one to Deutsche Bank Spain that the ratings agency said it classed as an “incident of default”.
“Moody’s rating action reflects the emergence of cash management and liquidity challenges for the government,” the ratings agency said late on Thursday as it cut both the country’s foreign-currency and local-currency ratings.
“The missed payments came after a series of liquidity demands on the government, including higher fuel subsidies and increased off-budget spending on growing security needs.”
The government of Cameroon, which has both French and English-speaking regions, has been fighting Anglophone separatists in the north west since 2017, while Islamist Boko Haram militants carry out periodic attacks in its Far North region.
These conflicts “create significant off-budget spending pressures and weigh on the government’s available liquid resources,” Moody’s said, adding that there was “very weak cash and debt management capacity.”
Cameroon’s finance ministry did not immediately reply to requests for comment. Deutsche Bank declined to comment.
Cameroon’s only dollar-denominated international bond, a 10 year issue maturing in 2025, fell around 0.2 cents to 95.9 cents on the dollar on Friday, in line with broader market moves US133653AA31=TE. A 10-year euro-denominated international bond was fractionally lower too at 72.5 cents US133653AA31=TE.
Moody’s put a “stable outlook” on its new ratings.
Source: Reuters
29, July 2023
2023 SOBA UK Residential Convention: The President’s statement 0
2023 SOBA UK ANNUAL RESIDENTIAL CONVENTION LAUNCH
2023 Convention theme: “Empowering for Success: Unlocking the potential of the boy child”
Dear Guest,
We trust that you and your family are well and enjoying the British summer.
We invite you to an unparalleled event of sophistication and compassion—the 2023 SOBA UK Annual Residential Convention. Prepare to be captivated at the exquisite Celtic Manor Resort, nestled amidst the enchanting Coldra Wood in Newport from 20th to 22nd October 2023
.The Celtic Manor Resort, a true 5-Star Luxury Resort sprawling across 2000 acres of picturesque parkland in the breathtaking Usk Valley, is renowned as the best hotel in the UK for nine out of the last ten years, has hosted the 2014 NATO summit and the 2010 Ryder’s Cup golf tournament. It truly offers the most unique experience and the perfect family getaway in breathtaking surroundings.The Celtic Manor Resort offers state-of-the-art facilities among them is the award-winning Forum Spa, as well as 5 restaurants and 3 championship golf courses. There are 2 adventure golf courses and the treetop adventure course Forest Jump.
Convention theme
The theme for this year’s Convention, “Empowering for Success: Unlocking the Potential of the Boy Child”, embodies our unwavering dedication to community education and empowerment initiatives. Our heartfelt commitment extends to empowering young boys, paving the way for their journey towards success. This year, our focus lies in empowering students at Sasse College, our beloved Alma Mater, by enhancing their educational resources. Additionally, we aim to provide opportunities for boys in the neighboring Sasse village and Tole village communities, enabling them to pursue a quality higher education and turn their dreams into reality. To accomplish these noble aspirations, we humbly seek your generous support. We wholeheartedly invite you to join us at the gala dinner on Saturday, October 21, 2023, where your presence and contribution will make an immeasurable impact. Together, let’s empower the boy child, ignite their potential, and create a brighter future for all.
Family-friendly convention
We appreciate that our guests are bringing their families along to the convention and we seek to lighten the responsibility of parents in keeping our children engaged.
Ticket price
SOBA UK has accomplished the extraordinary by providing an unparalleled 5-Star experience at an astonishingly affordable early-bird price of £100 for a standard ticket until August 31st, 2023. After this date, the ticket price will revert to £125, reflecting the true value of the event. Our early-bird offer ensures that the ticket cost remains consistent with last year’s rate, despite the enhanced offerings this year. Don’t miss out on this exceptional opportunity! Secure your place at the early-bird price before August 31st.
Hotel rooms
There are numerous options at, and near to the resort for you to book your stay for the weekend. Rooms can be booked directly with the resort via their website: https://www.celtic-manor.com. We encourage guests to book their stay as soon as possible to avoid the inevitable price hikes nearer to the event date.
The Events Management team looks forward to welcoming you to the 2023 convention. We encourage you to buy your tickets as soon as possible and take advantage of the early-bird offer.
Join us at The Celtic Manor Resort for an unforgettable experience where luxury and philanthropy intertwine.
Kind regards,
Franklin Egbe
President, SOBA UK
On behalf of the SOBA UK Events Management team
Contacts:Obale: +44(0)7540977896 Atem: +44(0)7766757376