Ratings in Foreign Currency

Ivory Coast engages in the international financial market to mobilize foreign savings. To reassure economic operators in this market, rating agencies are called upon to conduct financial ratings. This exercise aims to assess the ability and willingness, in the short and medium term, of a debtor to honor, in a timely manner, all of their financial obligations.

The scores assigned by the main international financial rating agencies (Fitch Ratings, Moody’s, and Standard and Poor’s) reflect the remarkable performances achieved by Ivory Coast in recent years. These scores are likely to reassure foreign investors. 

• Fitch Ratings

In its report published on February 2, 2024, despite the difficult international context, Fitch Ratings maintained Ivory Coast's rating at "BB-" with a stable outlook. In August 2024, the agency confirmed this long-term foreign currency issuer default rating (IDR) at "BB-". This rating reflects a record of good budget management and favorable economic growth prospects. However, challenges remain regarding debt and dependence on raw materials.

• Moody's

In its review in March 2024, Moody’s confirmed the country's strong financial performance by upgrading its rating to "Ba2" with a stable outlook. This improvement resulted in an upward revision of long-term issuer ratings in local currency and foreign currency, as well as "unsecured senior notes in foreign currency," moving from Ba3 to Ba2. This progression positions Ivory Coast as the second-best credit in Sub-Saharan Africa, after Botswana, and places it on par with major economies such as South Africa, Brazil, and Vietnam.

• Standard and Poor’s

In December 2021, Ivory Coast received its first financial rating from Standard & Poor’s (S&P), with a rating of "BB-" accompanied by stable outlooks. In October 2024, Standard & Poor’s upgraded Ivory Coast's credit rating from "BB- with positive outlook" to "BB with stable outlook." This improvement consolidates Ivory Coast's position as the second-best credit in Sub-Saharan Africa, behind Botswana (rated BBB+, stable outlook), and places the country in the same rating category as economies like Brazil.

These evaluations by international rating agencies testify to the economic resilience of Ivory Coast and its ability to maintain a solid growth trajectory. They also illustrate the significant progress made by the country in terms of economic reforms and public finance management, thereby consolidating the confidence of international investors. By diversifying its sources of financing and continuously improving its economic performance, Ivory Coast positions itself on the regional and global financial stage.

Summary of Ivory Coast's Ratings in Foreign Currency by Major International Rating Agencies

Source : Fitch Ratings, Moody’s, Standard and Poor's

The list of reports from the three (3) international agencies (Fitch Ratings, Moody’s, and Standard and Poor’s) is accessible via the official website of the General Directorate of Financing (DGF): https://www.dgf.gouv.ci/notations/notations-financieres