S&P Global Ratings affirmed Ivory Coast's sovereign credit rating following a eurobond sale earlier this year, which improved its financial position.

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The world's leading cocoa producer's long-term foreign currency rating remained at BB-, three levels below investment grade, according to a statement from the ratings agency. The outlook was upgraded to positive from stable.

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Ivory Coast marked sub-Saharan Africa's return to the international capital markets this year by issuing $2.6 billion worth of eurobonds in January.

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The economy ranks among the region's fastest-growing, with the International Monetary Fund projecting a 6.5% GDP expansion in 2024, up from 6.2% last year.

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Despite a one-third decline in cocoa production during the 2023-24 season, the government secured a $4.8 billion funding agreement with a Washington-based lender, bolstering its finances and reserves.

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