We improved our monetary assessment for all members of the West African Economic and Monetary Union, resulting from our view of improved monetary policy credibility. In our view, steps by the Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO) between 2019 and 2024 shored up member states' economies and capital market access during periods of repeated external shocks, while ensuring price stability and adequate reserve coverage. In our view, security and political risk are elevated in Burkina Faso. We therefore affirmed our 'CCC+/C' sovereign ratings on Burkina Faso. The outlook is stable. On Oct. 18, 2024, S&P Global Ratings affirmed its 'CCC+' long-term and 'C' short-term sovereign credit ratings on Burkina Faso. The outlook is stable. As a sovereign
