Fitch rates Waemu BBB-

Fitch Ratings said it assigned the West African Economic and Monetary Union (Waemu) a foreign currency country ceiling of BBB-.

Fitch said the investment-grade rating ceiling is the highest possible rating that an entity located in the Waemu area can be assigned, with the exception of supranational entities and other entities, for example subsidiaries of a foreign parent company or institution, which may satisfy the criteria for rating through the country ceiling.

The rating essentially reflects the strength of the monetary arrangement that exists between France and the Waemu, as well as the economic and political fundamentals of the eight member countries.

The Waemu, which was created at the end of the colonial period, ties eight Francophone countries together with various treaties (Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo). As a former colonial power and the zone's first trading partner, France is linked to the Waemu by both the monetary agreement and by various political and economic conventions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.