S&P affirms Burkina Faso

Standard & Poor's said it affirmed its B long-term and B short-term foreign and local currency sovereign credit ratings on Burkina Faso.

The outlook is positive.

According to S&P, the ratings on Burkina Faso are constrained by a low level of economic development, with GDP per capita among the lowest of rated sovereigns, projected at $520 in 2007 and weak human development indicators.

The economy is narrow, with a large informal sector and heavy dependence on cotton cultivation, the agency added.

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