It's a first. Four states in the WAEMU zone have just received sovereign ratings from the West Africa Rating Agency (WARA). These are Benin, Burkina Faso, Côte d'Ivoire and Guinea-Bissau.

The rating of the Republic of Benin on the WARA regional scale (A-/Stable/w-3) is underpinned by its proactive structural economic policy, improving governance indicators, public debt under control and its position as a sub-regional trade hub. On the other hand, its international competitiveness, its banking sector and the high elasticity of its macroeconomic performance to that of Nigeria remain constraints.

The rating of the Republic of Burkina Faso on the WARA regional scale (BBB-/Stable/w-4) is fueled by the cautious nature of the short-term economic policies of its authorities, particularly in terms of public debt, which is under control. Structural economic growth is robust, reinforced by sound governance. On the other hand, the security and social challenges are intense, as are the demands for economic diversification.

The rating of the Republic of Côte d'Ivoire on the WARA regional scale (A/Stable/w-3) is based on the size of its economy (40% of sub-regional GDP), its high diversification and the very sustained pace of its growth, despite health constraints and the volatility of commodity prices. On the other hand, political uncertainties remain recurrent and electoral periods are always feverish and delicate moments. Public debt is under control.

The rating of the Republic of Guinea-Bissau on the WARA regional scale (BB-/Stable/w-5) is constrained by a small economy, highly dependent on the cashew sector, a degree of competitiveness and of attractiveness limited by a tumultuous political history although in the process of stabilization a priori, a growing public debt and very perfectible governance indicators. That said, the Bissau-Guinean economy has considerable potential, particularly in the mining, logistics and tourism sectors.

In addition, WARA assigns an "A" rating to TotalEnergies Marketing Côte d'Ivoire. This rating is one notch below the Ivorian national ceiling, which according to WARA stands at “A+”. TotalEnergies Marketing Côte d'Ivoire's short-term rating is “w-3”. The outlook attached to these ratings is stable.