S&P Global Ratings upgraded Burkina Faso’s long-term sovereign credit rating from “CCC+” to “B-” on Friday, 6 November 2026, citing receding liquidity risks. The outlook remains stable. The agency also raised the country’s short-term rating from “C” to “B” for obligations in both local and foreign currencies.
For Burkina Faso’s Treasury and its creditors, the decision reflects a more favourable assessment of the government’s near-term ability to meet payments. S&P highlighted the full and timely payment of commercial creditors as well as an improvement in fiscal indicators. The country nevertheless remains a speculative-grade borrower, below the “BBB-” threshold for investment grade.
Public finances and gold underpin the assessment
The fiscal deficit narrowed to 1.8% of gross domestic product in 2025 from 5.8% in 2024, while public debt stood at 53.5% of GDP in 2025, according to figures reported from S&P’s assessment. Gold output, estimated at 90.7 tonnes in 2025, helped strengthen revenue and external accounts in an economy highly exposed to the price of the metal.
The upgrade came two days after Burkina Faso’s 4 November Treasury bill and bond auction, listed by UMOA-Titres. As a member of the West African Economic and Monetary Union, the country can raise funds in the regional government securities market, where banks and other investors finance member states.
For 2026, S&P forecasts a budget deficit of 3.8% of GDP and a public debt ratio of about 51.3%. Its outlook for 2026-2029 envisages average real growth of around 4.5% a year, supported in large part by mining and agricultural activity.