Credit rating agency Moody’s has revised its outlook on the DR Congo to positive from stable after the country paid expensive debt using cash raised through a Eurobond issue.

The agency maintained the country’s long term foreign and local currency issuers ratings at Caa2.

The upgrade follows DRC raising $2.5 billion in the international market through four tranches of a Eurobond, part of whose proceeds were used to retire higher priced debt that had been sourced from the regional market.

“The positive outlook reflects potential reversal in its credit trend after defaults recorded in the regional market, reflecting a distressed exchange and operational delays in the absence of a grace period, respectively,” Moody’s said.“Debt rollover risk has declined following the refinancing of regional debt through renewed access to international capital markets.”The positive outlook is also on the back of higher oil prices and the country’s planned increases in oil and gas production, providing revenue to strengthen its debt servicing capacity.

Global oil prices have been on the rise following the war between the US and Iran, which led to the closure of the Strait of Hormuz, cutting international supplies of the vital energy ingredient.

Fluctuations in oil prices has, however, been cited as a risk to the DR Congo economy, which heavily relies on hydrocarbons that account for about 40 percent of its GDP and half its fiscal revenues.

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