Fitch upgrades Cote d'Ivoire

Fitch Ratings said it boosted Cote d'Ivoire's (Ivory Coast) long-term foreign-currency issuer default rating to BB- from B+.

“The upgrade reflects our view that the peaceful March 2021 parliamentary elections show the sustained reduction of political risk. It also reflects Fitch's expectation that the authorities' continued adherence to fiscal prudence and reforms will gradually reverse the temporary deterioration of the budget balance and stabilize government debt at below the forecast BB median. The rating also factors in that the Ivoirian economy will resume a strong growth path as the impact of the pandemic fades, low development indicators and comparatively high commodity dependence,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.