S&P ups Benin outlook to stable

Standard & Poor's said it revised its outlook on the Republic of Benin to stable from negative, due to the government's commitment to fiscal discipline and improvements in structural reform implementation.

At the same time, S&P said it affirmed its B long-term and B short-term sovereign credit ratings on Benin.

President Boni Yayi's government, which came into office in March 2006, has significantly stemmed the fiscal deterioration that had set in from 2005 due to extrabudgetary spending and low revenues, the agency noted.

The ratings on Benin are supported by a significantly reduced external debt burden, thanks to the debt relief granted under the Heavily Indebted Poor Countries initiative and the Multilateral Debt Relief Initiative, S&P added.

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