Fitch Ratings has upgraded Namibia's National rating on the South African scale to 'AA+(zaf)' from 'AA-(zaf)'. The Outlook is Stable. Fitch has also upgraded Namibia's senior unsecured bonds rated on the national scale to 'AA+(zaf)' from 'AA-(zaf)'.

Namibia's central bank left its policy rate steady at 6.50 percent, encouraged by the recent moderation in installment credit to households that has been used to finance the import of luxury goods, such as cars, draining the country's foreign exchange reserves.

Fitch Ratings has affirmed Namibia's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB-' and 'BBB', respectively. The Outlooks are Stable. The issue ratings on Namibia's senior unsecured foreign and local currency bonds have also been affirmed at 'BBB-' and 'BBB', respectively. The Country Ceiling has been affirmed at 'A-' and the Short-term foreign currency IDR at 'F3'. Fitch has also affirmed the National rating on the South African scale at 'AA-(zaf)' with a Stable Outlook.

Namibia's (Baa3 stable) small but diversified economy, strong growth record and responsible government budget management underpin its rating, Moody's Investors Service says today in its annual Credit Analysis for the country.