Fitch Revises Namibia’s Outlook to Positive on Mining Prospects

Fitch Ratings Ltd. revised Namibia’s outlook on its ratings to positive from stable because of the resilience to the global economic recession and “strong prospects” for the mining sector, the agency said.

Uranium output is expected to quadruple by 2015, London-based Fitch said in a statement e-mailed late yesterday. The southern African country is the fourth largest producer of the metal, which is processed into fuel for nuclear power plants. Fitch rates Namibia’s long-term foreign debt at BBB-.