The ratings on Burkina Faso are constrained by our view of the country's low economic development (we estimate 2011 GDP per capita at $590), weak political institutions, narrow economic base, and significant net external liability position, which leaves the economy vulnerable to external shocks and fluctuations in global commodity prices. In our view, the ratings are supported by committed donor support, the government's moderate (though growing) fiscal debt burden, and the monetary and exchange rate stability provided by membership in the West African Economic And Monetary Union (WAEMU). Burkina Faso was enjoying real per capita GDP growth estimated at 4.4% in 2010 before it was hit by internal and external shocks in early 2011. We estimate per capita growth at
