Fitch Affirms Banque Ouest Africaine de Developpeme nt at ‘BBB’; Outlook Stable

Fitch Ratings, London, 19 May 2016: Fitch Ratings has affirmed Banque Ouest Africaine de Developpement’s (BOAD) Long-Term Issuer Default Rating (IDR) at ‘BBB’ with a Stable Outlook and Short-term IDR at ‘F2’. Fitch has also affirmed the rating of the senior unsecured notes at ‘BBB’. BOAD’s ratings are driven by the strong support it would receive, if required, from its main shareholder, Banque Centrale des Etats d’Afrique de l’Ouest (BCEAO), which is the regional central bank of the West African Economic and Monet ary Union (Union Economique et Monetaire Ouest-Africaine – UEMOA), and from the eight regional member states (RMS) of UEMOA, which own 47.1% of capital at end-2015 and slightly less than 6% each.

KEY RATING DRIVERS

The ratings and Stable Outlook reflect the following key rating drivers:

BOAD’s shareholders capacity to support reflects the ratings of its main shareholder, BCEAO. Cote d’Ivoire (B+/Stable). The other RMS – Benin, Burkina Faso, Guinea Bissau, Mali, Niger, Senegal, and Togo – are not rated by Fitch…