Fitch affirms Mali

Fitch Ratings released a correction to Monday's rating affirming the Republic of Mali. The sovereign's long-term local currency is B-, not B as previously stated. Its other ratings include a long-term foreign-currency issuer default rating of B-, short-term foreign-currency issuer default rating of B and a stable outlook.

The affirmation reflects the extreme poverty of the country and the structural imbalance of its public and external accounts, Fitch said.

With GDP per head of $501, Mali is one of the poorest and least-developed countries in the world, with one of the world's lowest literacy rates, Fitch said, adding that the structural weaknesses of the Malian economy lie in its concentration on low-value-added activities, lack of diversification and vulnerability to exogenous shocks, especially climatic and commodity price shocks.

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