S&P assigns Ivory Coast BB-

S&P said it assigned BB- foreign- and local-currency issuer ratings to Ivory Coast or Cote d’Ivoire.

“Our ratings on Cote d'Ivoire are supported by the steady strengthening of political and economic stability, as well as predictability of political institutions since the political crisis in 2011, as reflected by a series of pro-growth reforms and improvement in the business environment. This, in our view, contributed to buoyant economic activity before the Covid-19 pandemic, with real GDP growth outperforming peers,” S&P said in a press release.

The agency said it expects external and government financing needs to gradually decline but remain large, given the substantial investment needs in key infrastructure.

The outlook is stable.

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