First Tidal Acquisition Corp T.AAA

EDC

[mylar1]

Commercial Risk Rating Payment Experience Ethiopia’s foreign exchange earnings are dependent on vulnerable commodity exports (coffee, gold and agricultural products). While exports are slated to grow in 2014, expensive capital equipment imports required by the Ethiopian government’s investments in infrastructure and energy projects mean that the current account deficit is likely to remain elevated at 8% of GDP in 2014. Foreign exchange reserves are expected to remain below two months’ import cover in 2014, driving up payment risk. Medium-Long Term Commercial Commercial Country Ceiling Expropriation Transfer and Conversion Political Violence A relatively challenging business operating environment, including a weak banking sector and poor scores on regulatory quality and rule of law, constrain the private sector. The high level of borrowing by public enterprises is crowding out the local private sector’s access to credit. Ethiopian companies also have difficulty accessing foreign currency to import goods. The political violence rating is driven by Ethiopia’s long-running insurgencies and socio-economic vulnerabilities. Transfer and conversion risk is influenced by the existing export proceeds repatriation requirements, restrictions on foreign currency transfers and