Côte d'Ivoire's international bonds rose on Monday after Fitch Ratings upgraded the West African nation's credit score, citing strong economic growth, political stability and fiscal reforms.

Fitch said on Friday it had raised the rating on the world’s largest cocoa producer to 'BB' from 'BB-', with a stable outlook, putting it two notches below investment grade.

The move improves the country's credit profile and places Côte d'Ivoire one notch above South Africa's 'BB-' Fitch rating.

The price on Côte d'Ivoire's dollar bonds due 2033 climbed 0.6 cents to 105.75 cents on the dollar, sending the yield to 6.31%, its lowest since October.

Debt reduction

Moody's rates Côte d'Ivoire at 'Ba2', with a stable outlook, while S&P Global has it at 'BB', also stable.

Fitch cited robust GDP growth forecasts, projecting an increase from 6.4% in 2025 to 6.6% in 2027, well above the 'BB' median of 3.5%-3.9%. It highlighted diversified growth drivers, including higher cocoa, oil and gold exports, and expanded agricultural and mining output supported by infrastructure upgrades.

Debt reduction also contributed to the upgrade. Fitch expects the government debt-to-GDP ratio to fall from 59.5% in 2024 to 56.1% by 2027, helped by tax reforms, debt restructuring and disciplined fiscal policy. The fiscal deficit is seen narrowing from 4.0% of GDP in 2024 to 3.0% in 2025 as authorities control spending and boost tax revenues.