Ivory Coast credit score upped by Moody's on economic resilience

Ivory Coast’s credit score was lifted by Moody’s Investors Service, which cited the resilience of the economy and rising private sector investments.

The company raised the West African nation’s rating one level to Ba2, two notches into junk and on par with Brazil and South Africa. The outlook was moved to stable from positive, according to a Friday statement.

The upgrade comes amid “increasing resilience and diversification of Ivory Coast’s economy, which is underpinned by robust growth prospects and rising competitiveness,” analyst Elisa Parisi-Capone wrote.

The credit assessor also touted to fiscal consolidation efforts under the current program with the International Monetary Fund as well as the government’s debt management. The nation sold its first dollar bond in almost seven years in January.

Fitch Ratings and S&P Global Ratings score the country a notch lower than Moody’s and assign it a stable outlook.