Fitch affirms Cape Verde

Fitch Ratings said it affirmed Cape Verde's foreign-currency issuer default rating at B+, the local-currency issuer default rating at BB-, the short-term rating at B and country ceiling at BB-.

The outlook is stable.

The rating is supported by the country's political stability and the progress achieved in liberalizing the economy, which have allowed impressive growth in capital inflows and a marked improvement in public finances, Fitch said.

The rating also factors in the vulnerability of the country to higher energy prices, its narrow export base and the persistent high public debt, the agency added.

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