S&P affirms Benin

Standard & Poor's said it affirmed its B long-term and B short-term foreign and local currency sovereign credit ratings on the Republic of Benin.

The outlook remains positive.

The transfer and convertibility assessment remains BBB-, the level S&P assigns to members of the West African Economic and Monetary Union monetary zone, of which Benin is a part.

"The positive outlook balances our view of Benin's resilient economic performance amid the global economic crisis and continued efforts to implement structural reforms, against the negative impact of external shocks on public finances, which led to the government accumulating arrears to domestic suppliers, which it quickly cleared by issuing additional debt," S&P credit analyst Luc Marchand said in a news release.

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