Fitch upgrades Cote d'Ivoire, bonds to B+

Fitch Ratings said it upgraded Cote d'Ivoire's long-term foreign and local currency issuer default ratings to B+ from B.

The outlooks are stable.

The issue ratings on Cote d'Ivoire's senior unsecured foreign currency bonds were also upgraded to B+ from B. The country ceiling was affirmed at BBB- and the short-term foreign currency issuer default rating at B.

Fitch said political and security risks have receded following the October presidential elections, when President Ouattara was re-elected in the first round with more than 80% of the votes The main opposition party, the FPI, participated in the poll after a four-year boycott and all stakeholders accepted the outcome of the election.

The agency estimates that the risks of major security incidents affecting macro performance or state's ability to honor its commitments have therefore receded. Reflecting the gradual normalization of political life in the country, the World Bank's indicators of governance have improved since 2012, progressively converging toward B rated medians.

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