Moody's rates Togo B3

Moody's Investors Service said it assigned first-time B3 foreign- and local-currency long-term issuer ratings to the government of Togo.

The outlook is stable.

The ratings reflect Togo's low economic strength, driven by very low incomes, economic competitiveness and diversification that will continue to constrain the economy's capacity to absorb shocks over the medium term, Moody's said, despite robust growth.

The ratings also consider its very low institutional strength, informed by very weak worldwide governance indicators and a track-record of weak fiscal policy implementation, the agency said.

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