On July 17, Moody's Ratings (Moody's) confirmed the ratings of the Regional Bank for Mortgage Refinancing of UEMOA (CRRH- UEMOA). These are Ba2's long-term Corporate Family Rating (CFR), Ba2's long-term domestic currency issuer rating, Ba3's long-term foreign currency issuer rating, and Not Prime's short-term domestic currency and foreign currency issuer ratings

CRRH- UEMOA's long-term CFR Ba2 integrates two notches of increase in subsidiary support compared to the company's standalone B1 assessment, reflecting our assessment of a high probability of subsidiary support in case of need on the part of its sponsor and main shareholder, the West African Development Bank (BOAD, Baa1 negative). The CRRH- UEMOA's long-term issuer rating in local currency of Ba2 is aligned with its long-term CFR rating of Ba2. The long-term issuer rating in foreign currencies of CRRH- UEMOA is capped by our assessment of the relevant foreign currency ceiling at Ba3. The B1 assessment of CRRH- UEMOA reflects the good quality of the company's assets, supported by a prudent structuring of its loans and a balanced maturity of assets and liabilities, combined with solid liquidity, with liquid assets representing 45.4%

Furthermore, the decision to maintain a negative outlook reflects the extreme risks posed to the operating environment of CRRH- UEMOA by the high political risks in some countries in the region. UEMOA