Fitch affirms Ivory Coast

Fitch said it affirmed Ivory Coast’s long-term foreign-currency issuer default rating at B+. The outlook is stable.

Other ratings affirmed include the long-term local-currency IDR at B+, the short-term foreign-currency IDR at B, the short-term local-currency IDR at B, the country ceiling at BBB- and the issue ratings on long-term senior unsecured foreign-currency bonds at B+.

Fitch said the ratings on Ivory Coast are supported by strong economic growth and low inflation while fiscal and external metrics are generally in line with historic medians for B rated sovereigns.

“This is balanced against low governance and development indicators, two debt defaults since 1999, elevated GDP volatility relative to rating peers and high dependence on agricultural commodities,” Fitch noted in a news release.

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