Moody's Investors Service ("Moody's") confirmed on March 8, 2022 the ratings of the Regional Mortgage Refinancing Fund of UEMOA (CRRH-UEMOA) which changed from stable to negative outlook.

Moody's affirmed the following ratings: Ba2 Long Term Family Rating (CFR), Ba2/Not Prime Long and Short Term Issuer Rating in Local Currency, and Ba3/Not Prime Long and Short Term Issuer Rating in foreign currency. At the same time, Moody's changed the issuer's outlook from stable to negative. CRRH-UEMOA is a regional financial institution created in 2010 and based in Togo, with operations throughout the West African Economic and Monetary Union (UEMOA). CRRH-UEMOA operates as a residential mortgage refinancing vehicle.

Moody's affirmation of CRRH-UEMOA long-term ratings reflects the company's strong asset quality, underpinned by prudent loan structuring, asset-liability matching maturity combined with strong liquidity and adequate capitalization . CRRH-UEMOA's stand-alone assessment also captures the challenges of CRRH-UEMOA's monoline business which significantly limits the value and profitability of its franchise; as well as the WAEMU's operational environment and the relatively high counterparty risk of the banks whose mortgage loans it refinances.