Fitch affirms Cameroon

Fitch Ratings said it affirmed the Republic of Cameroon's long-term foreign-currency issuer default rating at B, along with its short-term foreign-currency issuer default rating at B, long-term local-currency issuer default rating at B- and country ceiling at BBB-.

The outlook is stable.

The ratings are constrained by weak economic fundamentals, significant governance issues and political risk associated with the succession of the current administration, Fitch said.

Economic growth has been slow over the last decade with an average of only 3.4% in 2003 through 2008, the agency said, and the country has been unable to absorb the substantial funds it has received from donors in the context of debt relief schemes.

However, poverty is lower than in most countries eligible for debt relief, Fitch said.

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