GCR ratings (“GCR”) lowered the long-term and short-term issuer ratings of the Dakar Autonomous Port (PAD) from 'A- (WU) 'to 'BBB (WU)' and from 'A2 (WU) 'to 'A3 (WU)' respectively on its regional rating scale. The long-term rating of 'A- (WU) 'to 'BBB (WU)' of the unsecured senior bond of the Port Autonome of Dakar has also been lowered with

L'abaissement de la notation du Port Autonome de Dakar ( PAD) reflects the increase of 124% of its financial debts caused by the contribution of the State of Senegal into a blocked current account (66 664 million FCFA) and the debt contracted with DP World FZE (59 692 million FCFA) in order to finance the construction project of the Port of Ndayane and to consolidate the acquisition of shares in the capital of DP World Senegal. The negative outlook attached to the rating reflects GCR's expectation of a deterioration in the financial profile of PAD, due to the increase in interest charges resulting from its aggressive debt policy