S&P Global Ratings raised Burkina Faso's long-term sovereign rating to B- from CCC+ and its short-term rating to B from C on November 6, with a stable outlook, Financial Afrik and Afrimag reported. The agency cited lower liquidity risks, timely debt payments and a recovery in mining and farming. S&P expects growth to average 4.5% a year from 2026 to 2029 and the 2026 budget deficit to reach 3.8% of GDP, Afrimag and La Nouvelle Tribune reported.
Analysis: The upgrade comes six months after S&P affirmed the CCC+ rating in May, and takes Burkina Faso out of the CCC category, which signals a high risk of default. Holders of its regional FCFA debt are the most directly exposed, since the country has no eurobond. S&P's deficit forecast of 3.8% of GDP for 2026 is 1.1 points above the government's 2.7% target, though just under the 4% ceiling agreed with the IMF, suggesting the agency expects spending to run ahead of plans. The November 18 Treasury auction will give a first sign of whether investors lower the roughly 7% yields they now demand.
Source: Financial Afrik, Financial Afrik, 'Burkina Faso : S&P relève la note souveraine à B-…' (November 6, 2026), Action of 6 Nov 2026; Afrimag, Afrimag, 'Burkina Faso – notation souveraine : S&P Global Ratings relève la note…' (November 9, 2026), Action of 6 Nov 2026; Afrimag, Afrimag (November 9, 2026), 2026; La Nouvelle Tribune (Benin), La Nouvelle Tribune (November 7, 2026), 2026–2029; Financial Afrik, Financial Afrik (May 8, 2026), Action of 8 May 2026; International Monetary Fund, IMF press release No. 26/351 (November 4, 2026), staff-level agreement on sixth ECF review and second RSF review, FY2026 and 2026; UMOA-Titres (regional agency for public securities, Dakar), UMOA-Titres, Bulletin des statistiques du marché des titres publics, T3 2026 (country fiche citing BCEAO and national services), 2025; UMOA-Titres (regional agency for public securities), UMOA-Titres, Compte rendu d'adjudication, Burkina Faso, bons et obligations du 04/11/2026, Auction of 4 Nov 2026