Moody's Investors Service ("Moody's") has upgraded the Government of Benin's long-term issuer and senior unsecured debt ratings to B1 from B2. The outlook has been changed to stable from positive.

Fitch Ratings has revised the Outlook on Benin's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Positive and affirmed the rating at 'B'.

Fitch Ratings has affirmed Benin's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Positive Outlook.

Moody's Investors Service has assigned first-time local and foreign currency issuer ratings of B2 to the Government of Benin with a positive outlook. Moody's also affirmed the senior unsecured foreign currency rating at B2.