Ivory Coast's credit rating affirmed by S&P after Eurobond sale

Ivory Coast’s sovereign credit rating was affirmed by S&P Global Ratings after a eurobond sale earlier this year bolstered its finances.

The long-term foreign currency rating of the world’s top cocoa producer was maintained at BB-, three levels below investment grade, the ratings agency said in a statement. The outlook was raised to positive from stable.

Ivory Coast ended sub-Saharan Africa’s almost two-year absence from the international capital markets this year when it sold $2.6 billion of eurobonds in January. The economy is among the region’s fastest-growing, with the International Monetary Fund forecasting that gross domestic product will expand 6.5% in 2024, up from 6.2% last year.

While cocoa production has fallen by about a third in the 2023-24 season, the government concluded a $4.8 billion funding agreement with the Washington-based lender that has helped buffer its finances and reserves.