The B + rating with a stable outlook confirmed for Benin in December 2018 was maintained by Standard & Poor’s on June 21, 2019. This rating is linked to the improvement of the country’s macroeconomic management, in particular the gradual reduction of the budget deficit. Standard & Poor’s (S&P) is an American rating agency, it is one of the three (or four including the emerging Chinese agency Dagong) major global rating agencies with Moody’s, Fitch Ratings. This rating agency belongs to the American company McGraw-Hill, which specializes in scientific and financial publications. She mainly analyzes the financial and stock markets as well as the solvency of the States that she assesses. PFC / MEF PRESS RELEASE On June 21, 2019, the international financial rating agency Standard & Poor’s confirmed the B + rating assigned to the Republic of Benin with a stable outlook. By confirming this note, it thus maintains Benin in second position among African countries, at the same level as Senegal and Kenya. This assessment corresponds to the first of two reviews of Benin’s rating scheduled for 2019. In terms of economic activity, the agency maintains its positive outlook with real GDP growth of 6.5% on average over the period 2019-2022 supported by public and private investments, particularly in infrastructure and in support of agricultural productivity. The economic dynamism will also be driven by the reforms undertaken by the government, in the continuity of the action carried out since 2016, with an expected positive effect on the business climate and on the attractiveness of Benin for foreign investors. In addition, the agency foresees an increase in exports thanks to productivity gains in the agricultural sector and the modernization of the Port of Cotonou. Regarding public finances, the agency confirms the performance of the Government in 2018 with a deficit which stood at 3.9% of GDP against initial projections of 4.7% of GDP. The agency projects a gradual reduction in the budget deficit which would confirm the pursuit of budgetary consolidation over the period 2019-2022. This trend will be driven by an increase in public revenue due to stronger economic activity, better performance in the cotton sector, and reforms aimed at better tax collection with the modernization of the tax administration and customs. Regarding public debt, Standard & Poor’s forecasts a downward trend in debt over the period 2019-2022, therefore a level well below the community ceiling of the UEMOA zone which is 70% of GDP. The agency again welcomed the reprofiling operation carried out by the Government in 2018 which enabled Benin to improve its debt profile by replacing a stock of expensive debt with a short average maturity with debt contracted at a rate lower and of long maturity. Done in Cotonou, June 28, 2019 The Ministry of Economy and Finance