Fitch changes Benin view

Fitch Ratings said it revised the outlook on Benin's long-term foreign-currency issuer default rating to stable from positive and affirmed the rating at B.

The outlook revision reflects Fitch's expectation that the significant economic and fiscal impact of the global coronavirus pandemic will compound the shock stemming from the continued border closure with Nigeria, the agency said.

The heightened macroeconomic and fiscal risks associated with these shocks offset Benin's improvements of public and external finance metrics resulting from a track-record of fiscal consolidation since 2016 and the rebasing of GDP statistics published in 2019, Fitch added.

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