Côte d'Ivoire receives rating in CFA francs
The country received on October 21st its first rating from Bloomfield.Côte d'Ivoire became the first country in West Africa to receive an assessment of its economic fundamentals in CFA francs, and not in dollars.
It was rated A-, which is higher than the ratings in dollars from Fitch and Moody's, which are respectively of B + and Ba3.
"This is a more accurate assessment of the actual credit capacity of a country," said Stanislas Zeze, Director of Bloomfield Investment Corporation, quoted by Jeune Afrique.
"It gives a much more accurate view of their intrinsic credit ability, without the restrictions related to foreign exchange rates or foreign exchange reserves," he added.
According to Bloomfield, discussions are underway with several other States wishing to be rated in local currency.
Côte d'Ivoire is one of the largest economies in West Africa, contributing almost 32 percent to the GDP of the West African Economic and Monetary Union (UEMOA , according to the 2013 statistics from the BCEAO.