Ivory Coast: Moody’s gives debut rating

Moody’s Investors Service has assigned Ivory Coast a first-time credit rating of B1 with a positive outlook, citing high growth prospects but also flagging its low per capita income and weak governance indicators. The credit rating agency said on its website late on Tuesday that it had assigned the same rating, which ranks Ivory Coast four notches below investment grade, to the country’s planned $500 million (R5.3 billion) euro bond. The country is awaiting a second rating from Fitch. Ivory Coast is emerging from a decade-long political crisis that ended in a brief 2011 civil war and its economy is reviving, with gross domestic product expected to grow about 9 percent this year. President Alassane Ouattara is investing heavily in renewing infrastructure. – Reuters