The international financial rating agency Fitch Ratings has just notified the West African Development Bank (BOAD) of the renewal of its “Investment Grade” “BBB” rating with a negative outlook. The decision was taken at the end of the agency's annual review.

The negative outlook reflects the risk of weakening support from the bank's shareholders. According to Fitch, given the role played by France in the CFA franc monetary system as a guarantor of the currency's convertibility against the euro, a downgrade of France's rating to “AA-” would affect our assessment of the credit quality of the bank's main shareholder, the BCEAO

“The rating awarded by FICTH Ratings confirms the financial strength of BOAD, thus reflecting its resilience in the face of the Covid-19 health crisis, as well as the intrinsic quality of its signature, which remains one of the three best on the African continent,” read a statement from the institution.