Credit rating agency Moody’s has assigned a first-time local and foreign-currency issuer ratings of B2 to Cameroon with a stable outlook.

According to Moody’s, Cameroon has a low economic strength balancing the country’s exposure to the oil shocks.

The agency added that there is expectation of a stronger potential growth outlook which is supported by the infrastructure investment strategy aimed at unlocking the country’s vast resource potential.

Moody’s said its assessment took into account the gradually slowing oil production outlook and the lower for longer commodity price environment.