Core Insights - Ghana's sovereign credit rating was upgraded from CCC+/C to B-/B by S&P Global Ratings, marking a significant milestone in the country's recovery process after nearly three years of international debt defaults [1][2] Economic Factors - Ghana's foreign exchange reserves surged to nearly $11 billion by the end of 2025, representing about 9% of GDP, up from $6.8 billion at the end of 2024 [1] - Strong export performance, particularly in gold and cocoa, which account for over 60% of commodity exports, has positively impacted the economy, with the cedi appreciating approximately 30% against the dollar this year [1] - The new government has implemented structural reforms aimed at achieving a primary surplus of 1.5% of GDP annually and a long-term plan to reduce public debt to 45% of GDP by 2034 [1] Investment Implications - The upgrade to B-/B with a stable outlook signals a significant reduction in recent default risk, boosting investor confidence and making Ghanaian assets, especially restructured new euro-denominated bonds, more attractive to global investors [2] - Lower borrowing costs are anticipated as the risk premium decreases, which should benefit both the government and the domestic private sector in future external borrowing [2] - The upgrade also acknowledges the support from the International Monetary Fund (IMF) for Ghana's fiscal consolidation efforts under a $3 billion extended credit facility, effective until May 31, 2026 [2] Economic Growth - Ghana's economy experienced a growth rate of 6.3% in the first half of 2025, indicating a positive growth momentum [2] Risks - Despite the positive outlook, there are still risks, including high debt servicing costs projected to account for 20% of revenue by 2028 and unresolved debt restructuring negotiations with commercial and official creditors regarding $5 billion in remaining debt [2]

Core Viewpoint - Moody's upgraded Avianca's credit rating from B2 to B1, maintaining a "stable" outlook, reflecting the airline's improved operational strength, reduced debt levels, and international business expansion [1] Company Summary - Avianca achieved one of its best historical performances in Q2 2025, with a profit margin of 25.5% and total liquidity of $1.35 billion [1] - The company added 10 new international routes in 2025 and plans to launch 3 more in the second half of the year, bringing the total to 175 routes serving 83 destinations [1] Industry Summary - The aviation operating environment in Colombia and Latin America is improving, with Avianca positioned to benefit from the ongoing growth in regional air passenger traffic and network synergies due to its robust international route network and solid financial performance [1]

Core Viewpoint - The Kenyan government's strong export income and remittances have bolstered foreign exchange reserves, alleviating pressure related to debt imbalances, and the recent upgrade in credit rating reflects confidence in the Kenyan economy and its reputation in global financial markets [1] Group 1 - The Kenyan Finance Minister John Mbadi highlighted that robust export revenues and remittances have strengthened Kenya's foreign exchange reserves [1] - Standard & Poor's upgraded Kenya's long-term sovereign credit rating from "B-" to "B" within a week, indicating a significant recognition of Kenya's economic stability [1] - Following the credit rating upgrade, the average yield on Kenyan Eurobonds decreased by 28.2 basis points, suggesting improved investor sentiment [1] Group 2 - Kenya faced continuous downgrades in its credit rating due to difficulties in repaying its first Eurobond in 2024, making the recent upgrade a notable turnaround [1] - The upgrade in credit rating is seen as a major endorsement of Kenya's economy and its credibility in the global financial market [1]

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-081 厦门钨业股份有限公司（以下简称"公司"）近期收到联合资信评估股份有限公司出具的《厦门钨业股份 有限公司主体长期信用评级报告》，联合资信评估股份有限公司通过对厦门钨业股份有限公司的信用状 况进行综合分析和评估，确定公司主体长期信用等级为AAA，评级展望为稳定。 公司前次主体信用评级结果为AA+，本次上调为AAA。评级上调展现出公司综合实力的提升，有利于 公司降低融资成本，拓宽融资渠道，对公司长期健康可持续发展具有积极意义。 特此公告。 厦门钨业股份有限公司董事会 2025 年9月3日 厦门钨业股份有限公司 关于公司主体信用评级上调为AAA的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ...

Group 1 - The latest stock price of Sinochem International is 4.02 yuan, an increase of 0.02 yuan from the previous trading day [1] - The stock opened at 4.01 yuan, reached a high of 4.03 yuan, and a low of 3.99 yuan during the trading session, with a trading volume of 245,200 lots and a transaction amount of 98 million yuan [1] - Sinochem International operates in the chemical products industry, covering areas such as chemical trading, fine chemicals, agrochemicals, and logistics, and holds a significant position in the chemical distribution sector in China [1] Group 2 - Fitch recently upgraded Sinochem International's long-term foreign currency issuer default rating to "A-", with a stable outlook, reflecting the company's market position in chemical distribution and the support from its parent company [1] - Capital flow data indicates a net inflow of 4.0546 million yuan on the day, while there was a cumulative net outflow of 83.5234 million yuan over the past five trading days [1]

Group 1 - Fitch Ratings upgraded the rating of Mexican oil company Pemex by two notches to BB [1] - The Mexican government issued $12 billion in bonds in the international market to assist Pemex with its financial issues [1]