Ivory Coast gets B rating from Fitch in anticipation of bond launch

Jul 17, 2014

Credit rating agency Fitch has assigned the sovereign rating of B to Ivory Coast, with a positive outlook.

Credit rating agency Fitch has assigned the sovereign rating of B to Ivory Coast, with a positive outlook.

Fitch Ratings and Moody's have been appointed in May 2014 to assign a rating to the West African nation, in preparation for the launch of a $500 million (€370 million) eurobond in July.

Moody's has already given the country a B1
rating.

Among the
positive
aspects selected for this rating, Fitch highlighted the
economic growth, which is expected to reach nine per cent in 2014 and 8.5 per cent in 2015.

The agency also mentioned the return of political stability,
and
public and private investment in the infrastructure sector, as well as the structural reforms implemented by Ivory Coast.

However, newspaper Jeune Afrique recalls that the rating is a notch lower than those received from this agency by the Republic of Congo and Kenya (B +), reflecting in part the fact that Ivory Coast has defaulted on its debt in 2011 during the post-election crisis.