The Bloomfield financial rating agency has confirmed its local currency rating assigned to the Republic of Benin, at ‘A- Stable’. This decision reflects the credit quality of the country, whose rating agency recognizes the good level of solvency and minimal risk factors, ensuring sustainable access to capital markets.

In addition to Benin’s economic resilience in the face of closure of borders with Nigeria, the rating agency emphasizes significant improvement in the business climate, driven by the strong will reform of the authorities, as well as good management of public finances. Bloomfield welcomes the sustainability of Benin’s level of public debt, which stood at 41% of GDP at the end of 2019, well below the Community ceiling by 70%.

The rating agency also recognizes the quality of the management of the Covid-19 health crisis by the authorities, and the policy appropriate funding for pandemic control measures. Measures targeted deployed, and the absence of containment of the population aim to ensure optimal health management while preserving the dynamism of the economy Beninese. Bloomfield recalls the authorities’ choice not to solicit the G20 debt service relief initiative, with a view to preservation of the credit quality and access of Benin to the markets of capital.

Bloomfield finally underlines the dynamism of the economy Benin and the acceleration of real GDP growth, to + 6.9% in 2019, exceeding the IMF forecasts of December 2019 (+ 6.4%).

These analyzes confirm the positive outlook for the countries, further evidenced by the recent maintenance by Standard & Poor’s from its Benin rating to ‘B + (Stable)’. This decision reflects the strength of economic fundamentals of the country and underlines the good management of the Covid-19 by the authorities, while several African countries have seen their rating downgraded by international rating agencies since the start of the pandemic.

Done in Cotonou, on June 29, 2020,