Fitch rates Banque Ouest Africaine notes BBB

Fitch Ratings said it assigned a BBB rating to Banque Ouest Africaine de Developpement’s debut of euronotes.

The dollar-denominated notes are unsecured unsubordinated obligations of the bank and are rated in line with its BBB long-term issuer default rating.

The proceeds will be used for general corporate purposes and project financing, Fitch said.

The ratings are primarily based on the strong support the bank receives from its largest shareholder, the Banque Centrale des Etats d’Afrique de l’Ouest, which is the regional central bank for the West African Economic and Monetary Union, the agency said.

The ratings also encapsulate support from the eight regional member states of the monetary union, Fitch said.

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