Ivory Coasts Bonds Rally After Handed Africa's Second-Highest Credit Rating
- Credit score lifted to Ba2, two levels under investment grade
- Nation’s dollar bonds advance as investors cheer news
Trucks used for cocoa transportation outside a processing plant in Abidjan, Ivory Coast.
Photographer: Andrew Caballero-Reynolds/BloombergThis article is for subscribers only.
Ivory Coast’s eurobonds rallied after the nation’s credit score was lifted by Moody’s Investors Service, which cited the resilience of the economy and rising private sector investments.
The company raised the West African nation’s rating one level to Ba2, two levels below investment grade over the weekend. The upgrade helps Ivory Coast join South Africa as the highest rated sovereign in sub-Saharan Africa with foreign debt outstanding. The outlook was moved to stable from positive.