Higher prices for cocoa and rising exports helped Ivory Coast win a credit rating upgrade from S&P Global Ratings, which boosted the Western African nation a notch closer to investment grade.

S&P raised Ivory Coast’s rating to BB from BB-, two levels from the coveted investment-grade level and on par with the Dominican Republic and Brazil. The outlook is stable.

The credit rating company cited strong economic growth and shrinking budget deficits, helped along by revenue from exports, according to a statement released Friday.

“We expect the budget deficit to reach 3% of GDP next year and the external deficit to narrow significantly due to higher cocoa prices and rising hydrocarbon and mining exports,” it said.

Ivory Coast’s 2024-2025 cocoa harvest is expected to be as much as 10% higher than previous estimates, Bloomberg reported earlier on Friday. Prices for the product — the main ingredient for chocolate — have risen sharply over the past year and the nation is the world’s largest producer.

Ivory Coast’s dollar bonds maturing in 2033 inched lower this week to trade around 91.8 cents on the dollar, according to indicative pricing compiled by Bloomberg.

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