Fitch Ratings confirmed the long-term issuer default rating (IDR) in Cape Verde's foreign currency at “B-” on November 10, 2023, with a positive outlook.

La notation confirmée of Cape Verde reflects that IDRs balance very high public and external debt, significant conditional sovereign liabilities and the high dependence on & eacute; economy with respect to tourism with a relatively high proportion of conditional financing and, as a result, moderate public debt interest service and very long average debt terms, as well as stronger governance indicators compared to their peers. As for the positive outlook, they reflect the robust economic recovery and medium-term growth prospects, which, combined with moderate fiscal consolidation, should continue to promote the improvement of external and public finance parameters. Fitch expects Cape Verde's real GDP growth to remain strong compared to peers over the forecast horizon and broadly in line with the country's pre-pandemic trend