S&P drops Benin

Standard & Poor's said it lowered its long-term sovereign credit rating on the Republic of Benin to B from B+, reflecting the deterioration in the country's economic outlook and growing fiscal challenges.

At the same time, the B short-term sovereign credit rating on Benin was affirmed, the agency said.

The outlook is negative.

S&P noted that the ratings on Benin are constrained by the significant problems that the economy continues to experience in both of its key sectors, namely the cotton industry and the re-export trade with the Federal Republic of Nigeria (foreign currency BB-/stable/B, local currency BB/stable/B).

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