(Ecofin Agency) - In their recent report on Sub-Sahara Africa, Standard and Poor's (S&P) and Moody's, two rating agencies whose notations are valued by investors, expressed different opinions over the borrower profile of each of the Subsahara African countries.
Moody's estimates that the outlooks on the rating of countries it rates are negative due to persisting fiscal and external problems, even though there is a weakening of the pressure of debts.
Standard and Poor's, on the other hand, expresses no negative outlook. Fifteen of those countries are stable while Rwanda and Senegal are rated as positive. It kept that rating since H2, 2018.
The two rating agencies agree on the fact that Sub-Saharan economies will be pressured this year.
S&P notes that in H2, 2018, the condition for borrowing on the international market worsened due to the persistence of low commodity price.
Moody's is on its part worried about fiscal deficit in those countries due notably to a rise of government deficit leading to indebtedness amid increasingly tough market conditions.
The two agencies also agree that there will be significant growth of GDP in the region. This growth will be higher in countries that export commodities. Within the WAEMU, Senegal and Côte d'Ivoire are the presumed countries.