The financial system in Fagace's areas of intervention is doing very well. This is the observation that should be made following the "AA-" rating awarded by West Africa Rating Agency (WARA) to the African Guarantee and Economic Cooperation Fund (FAGACE).

The recognition of this merit takes the place of the diversity of the services of the African Guarantee and Economic Cooperation Fund (FAGACE) and their real impact on the daily lives of the populations. This justifies this long-term rating of "AA-", in investment grade, while its short-term rating is "w-2", a sign of great stability. At the same time, WARA assigns FAGACE the following ratings and outlook: iBB/Stable/iw-5, internationally.

The FAGACE rating is constrained by: a perfectible risk management architecture: this weakness is illustrated by the portfolio's gross deterioration rate of more than 25% on average over the last five years; that said, WARA notes that the new management is working to improve the processes and tools in place; a very low level of profitability, which is the result of a high cost of risk and low operational efficiency (mismatch of the cost structure with the level of activity of the institution); and a large exposure to a limited number of large accounts; WARA specifies that this risk is partially mitigated by the fact that FAGACE's commitments do not exceed 50% of the amounts financed.