A moderate public debt burden. Membership in the CFA monetary zone, which supports monetary stability. Low degree of economic development. Narrow economic base and vulnerabilities to external and terms of trade shocks. The ratings assigned to Burkina Faso by Standard&Poor's Ratings Services are constrained by our view of the country's low level of economic development, narrow economic base, weak political institutions, and sizeable net external liability position. We estimate that GDP per capita was just over $600 in 2012. The ratings are supported by continuing donor backing and a moderate fiscal debt burden. Membership in the West African Economic And Monetary Union (WAEMU), which pegs its currency, the Communauté Financière Africaine (CFA) franc to the euro, keeps inflation
