CEEMEA credit week ahead: We remain constructive on CEEMEA sovereign credit, with US rate volatility still low and sentiment helped by the recent rally in commodity prices;similarly, technicals (with limited issuance and ongoing inflows) remain supportive. This week, however, we expect credit investors to focus more on idiosyncratic stories. Latertoday will hear the announcement on whether the no-confidence vote in President Zuma in South Africa will be held in secret. Regardless of the outcome, we still believe the noconfidencemotion is unlikely to succeed; please see a note from our economists on the subject here. On a related note, we do not anticipate any changes to Moody’s Baa3 Negrating on Friday given that South Africa was only downgraded in June.    Elsewhere in Africa, Kenya’s general election tomorrow will be important, noting that the reaction of the populace to the result will arguably be the main factor for creditinvestors. We note that Kenyan credit has been under pressure in recent months (the KENINT $ ‘19s are 32bp wider on a 3m basis). As a result, should the election result beaccepted peacefully, we believe Kenyan credit has room to rally.    Rating reviews on Friday 11 August: Angola (S&P, B Neg), Slovakia (Moody’s, A2 Pos), South Africa (Moody’s, Baa3 Neg).

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