Fitch Ratings has cut Gabon's credit rating further into junk territory, citing widening government deficits and declining demand for the country's debt. The ratings company said in a statement on Friday that it had downgraded the nation's long-term foreign-currency rating for the second time this year, to CCC- from CCC. This move reflects the increasing concerns over Gabon's ability to manage its debt and maintain economic stability.

According to Fitch, the downgrade is a result of the country's deteriorating fiscal position, characterized by large budget deficits and a decline in revenue. The ratings company also noted that the government's efforts to address these issues have been insufficient, leading to a decline in investor confidence. "The downgrade reflects our view that Gabon's fiscal position is likely to remain weak in the near term, with limited scope for fiscal consolidation," said a Fitch spokesperson.

Gabon, a small oil-rich country in Central Africa, has been struggling to manage its debt and maintain economic growth. The country's economy has been heavily reliant on oil exports, which have declined in recent years due to global market fluctuations. The government has been attempting to diversify the economy and reduce its dependence on oil, but progress has been slow.

The downgrade by Fitch is the latest in a series of negative ratings decisions by major credit rating agencies. In recent months, Gabon's credit rating has been downgraded by several agencies, including Standard & Poor's and Moody's. These downgrades have made it increasingly difficult for the country to access international capital markets and attract foreign investment.

The downgrade by Fitch has sent shockwaves through the international financial community, with investors and analysts expressing concerns over the country's ability to manage its debt and maintain economic stability. "The downgrade by Fitch is a clear indication that Gabon's economic challenges are not being addressed," said a senior economist at a leading international bank. "The country needs to take bold steps to address its fiscal position and restore investor confidence."

The current status of Gabon's economy remains uncertain, with the country facing significant challenges in managing its debt and maintaining economic growth. The government has announced plans to implement austerity measures and reduce spending, but it remains to be seen whether these efforts will be sufficient to address the country's economic challenges.