S&P rates Benin B+

S&P said it assigned its B+/B long- and short-term foreign and local currency sovereign credit ratings to Benin.

The outlook is stable.

The transfer and convertibility assessment is BBB-.

S&P said the ratings are supported by an expectation that the country's economic activity, as well as its external and fiscal positions, will gradually strengthen in the coming years, spurred by Benin's program of pro-growth reforms.

The ratings are constrained by Benin's low per-capita income, high external financing needs and rapidly increasing public debt, the agency said.

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