December 4, 2009 / 2:12 PM / 9 years ago

TEXT-Fitch withdraws Mali's ratings

(The following statement was released by the rating agency)

Dec 4 - Fitch Ratings has today affirmed Mali’s Long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘B-‘ with Stable Outlooks respectively, Country Ceiling at ‘BBB-‘ and its Short-term foreign currency IDR at ‘B’. All the ratings have been withdrawn.

Mali’s IDR of ‘B-‘ reflects the country’s high level of poverty, its vulnerability to external shocks and slow economic growth. Mali exhibits a structural current account deficit, due to its high dependence on energy imports and low export base. Fitch does not expect any improvement in Mali’s creditworthiness in the medium to long term. However, the country’s external situation is not a constraint, as Mali is part of the West African Economic and Monetary Union: its currency is pegged to the Euro and convertibility guaranteed by France.

Fitch will no longer provide rating or analytical coverage of this issuer. ((Bangalore Ratings Team, +9180 4135 5469; bharat.katal@thomsonreuters.com, Reuters Messaging: bharat.katal.thomsonreuters.com@reuters.net))

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