On May 27, 2016, S&P Global Ratings revised its outlook on Burkina Faso to positive from stable. At the same time, we affirmed our 'B-/B' long- and short-term foreign and local currency sovereign credit ratings.

OVERVIEW

• We believe improving political stability in Burkina Faso, following the peaceful presidential elections in November 2015, will support an acceleration in economic activity and continued donor support over our forecast horizon of 2016-2019.
• Consequently, we are revising our outlook on Burkina Faso to positive from stable and affirming our 'B-/B' ratings.
• The positive outlook reflects a one-in-three probability of an upgrade over the next 12 months if the economic recovery broadens and results in improved external and fiscal metrics.