Benin — Sovereign Signal
BT-SFS 49.4/100 · BB− · 271bps over Treasuries
Score and market snapshot
Benin trades 111bps wide of its fundamentals fit (fitted spread 160bps).
| Field | Value |
|---|---|
| BT-SFS | 49.4 / 100 |
| Rank | 28 of 51 |
| Composite rating | BB− |
| Agency ratings | Moody's Ba3 · S&P BB- · Fitch B+ |
| Benchmark USD bond | BENIN 7.96 38 |
| Spread over Treasuries | 271bps |
| Yield to worst (S.A.) | 7.94% |
| Duration | 6.9y |
Pillar scores
| Pillar | Score (0-100) |
|---|---|
| Fiscal | 41.1 |
| External | 42.3 |
| Macro | 56.1 |
| Institutions | 59.7 |
The ten metrics behind the score
| Metric | Pillar | Raw value | Score | Source | Year |
|---|---|---|---|---|---|
| Reserves, months of imports | External | 7.3 mo | 42.3 | IMF | 2026 |
| General government debt / GDP | Fiscal | 57.2% | 36.6 | IMF | 2026 |
| FX public debt / GDP | Fiscal | 48.6% | 15.4 | IMF staff report / Eurostat | 2025–2026 |
| Net interest / revenue | Fiscal | 11.1% | 67.4 | IMF | 2026 |
| Primary balance / GDP | Fiscal | -1.1% | 46.5 | IMF | 2026 |
| Governance (WGI GE + RQ) | Institutions | 49.7 | 32.9 | WGI | 2025 |
| Inflation track record | Institutions | 2.1% | 100.0 | IMF | 1997–2026 (h=10) |
| Real GDP growth, centred 3-year | Macro | 7.1% | 98.2 | IMF | 2025–2027 |
| GDP per capita, USD | Macro | $1,809 | 9.4 | IMF | 2026 |
| Growth volatility, 10-year | Macro | 1.4pp | 90.3 | IMF | 2016–2025 |
Score history
Applying the current methodology to historical sources, Benin moves from 44.7 in 2016 to 49.4 in 2026 (+4.7 points over ten years).
Default and restructuring registry
No bond default or restructuring events in the registry window.
Frequently asked questions
What is Benin's sovereign credit score?
Benin scores 49.4/100 on the BT Sovereign Fundamentals Score, ranking 28 of 51 sovereigns covered. The score is built from ten public IMF and World Bank metrics across fiscal, external, macro, and institutions pillars.
Which Benin USD bond does BondTerminal track?
BENIN 7.96 38 (ISIN XS2759982064), the near-5-year USD benchmark, currently 271bps over Treasuries with a 7.94% yield to worst (S.A.).
Is Benin trading wide or tight of its fundamentals?
Benin trades 111bps wide of its fundamentals fit (fitted spread 160bps).