The rating agency Fitch Ratings has confirmed the West African Development Bank's (BOAD) 'BBB' rating with a stable outlook. Fitch's assessment of the average rating of the loan portfolio increased from "B" to "B-" in the previous review, in line with the increase in credit risk.

This rating is mainly due to the extraordinary support of its main shareholders, the Central Bank of West African States (BCEAO, holding 47% of BOAD's capital) and Côte d'Ivoire (BB-/Stable, 6% of the capital). Fitch assesses the ability of major shareholders to provide support to "bbb-", taking into account their average credit quality. According to the Fitch Ratings press release, Fitch's assessment of BOAD's Stand-Alone Credit Profile (SCP) is "bb+", unchanged from the previous review, reflecting its credit rating of "bbb+" and a three-notch negative adjustment, resulting from the bank's high-risk business environment.

BOAD has an ESG relevance score of '4[+]' for 'Human Rights, Community Relations, Access and Affordability'. The bank has an ESG relevance score of '4' for the 'Governance Structure' ; an ESG relevance score of '4' for 'rule of law, institutional and regulatory quality' ; an ESG relevance score of '4[+]' for 'Policy Status and Mandate Effectiveness'. Fitch also values BOAD's liquidity at 'a'. The valuation reflects the "strong" coverage of short-term debt by liquid assets and the bank's proven access to capital markets.