Despite internal and external challenges in 2011, Burkina Faso's potential for growth, fiscal consolidation, and reforms has not weakened. The ratings are constrained by its weak institutional framework, low economic development, narrow economic base, and vulnerable external position, while donor and multilateral assistance, commitment to structural reforms, and a moderate, though growing, fiscal debt burden support the ratings. We are affirming our 'B/B' long- and short-term sovereign credit ratings on Burkina Faso. The stable outlook balances external vulnerabilities against strong donor support, and assumes that political pressures will not threaten this support. On Dec. 14, 2011, Standard&Poor's Ratings Services affirmed its 'B/B' long- and short-term sovereign credit ratings on Burkina Faso. The outlook is stable. The transfer and
