At the end of its annual review, the international financial rating agency Fitch Ratings has just notified the West African Development Bank (BOAD) of the renewal of its “Investment Grade” “BBB” rating with a negative outlook. , announces the agency. (See the original report)
The negative outlook reflects the risk of weakening shareholder support for the bank. “Given the role played by France in the CFA franc monetary system as a guarantor of the currency’s convertibility against the euro, a downgrade of France’s rating to ‘AA-‘ would affect our appreciation of the currency. credit quality of the bank’s largest shareholder, the BCEAO, ”says Fitch.
“The rating assigned by FICTH Ratings confirms BOAD’s financial strength, thus reflecting its resilience in the face of the Covid-19 health crisis, as well as the intrinsic quality of its signature which remains one of the three best on the African continent. ”, We read in a press release from the institution.This is a satisfaction for BOAD, whose rating has been confirmed year after year since 2015 by international rating agencies. BOAD benefits from the first-rate support of its key shareholders including the Central Bank of West African States, the BCEAO (47%) and Côte d’Ivoire (6%) as well as the others WAEMU States.
