Fitch affirms Gabon

Fitch Ratings said it affirmed the Gabonese Republic's long-term foreign- and local-currency issuer default ratings at BB-, short-term foreign-currency issuer default rating at B and country ceiling at BBB-.

The outlook is stable.

"Gabon's ratings are supported by its high per capita income relative to its peer group, its stable political environment and the large external and fiscal surpluses derived from buoyant oil revenues which have allowed a significant reduction in indebtedness since 2002," Eral Yilmaz, associate director at Fitch, said in a statement.

"However, the rating also reflects the heavy dependence of both economic growth and fiscal receipts on oil production and prices, the poor business climate and weak public governance compared to Gabon's rating peers."

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