Moody's assigns B3 to Congo

Moody's Investors Service said it assigned local- and foreign-currency issuer ratings of B3 to the government of the Democratic Republic of the Congo.

The outlook is stable.

Moody's said the main drivers of the B3 issuer ratings are:

• The fragile economy, albeit with robust growth prospects given the large foreign investment in the mining sector;

• Very weak institutional strength, although indicators have gradually improved over the past 10 years;

• Weak fiscal fundamentals despite multilateral debt forgiveness in 2010; and

• Elevated vulnerability to economic and political risks, arising from its relatively limited fiscal and foreign-exchange reserves, growing regional economic disparities and recurrent instability in the east of the country.

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