Fitch: West African Development Bank view to negative

Fitch Ratings said it revised the outlook on Banque Ouest Africaine de Developpement to negative from stable and affirmed the rating at BBB.

The revision to negative from stable is driven by the increased risk of a weakening in Fitch’s assessment of the bank’s support from its shareholders. On May 15, Fitch revised the outlook on France’s sovereign rating to negative, Fitch said.

“In turn, this reflects the role played by France in the CFA franc monetary arrangement as the provider of a guarantee of the convertibility of the currency against the euro,” the agency said in a press release.

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