GCR Ratings (“GCR”) has raised the long-term issuer rating of the Société Africaine de Plantations d'Hévéas (SAPH) from BBB (WU) to 'BBB+ (WU). The short-term issuer rating was raised from A3 (WU) to A2 (WU), with the outlook changing from stable to positive

The improvement of the SAPH ratings is based on the improvement of the ratings of the Société Internationale de Plantations d'Hévéas Group (SIPH Group) and reflects the improvement in the Group's financial flexibility ratios. SAPH's rating is based on the SIPH Group's rating, given its importance for the Group, recognized by its contribution to overall revenues (AF22:64%) and operational results (AF22:57%). GCR equates the SAPH rating with that of the SIPH Group

The positive outlook reflects GCR's opinion that SAPH's rating could be improved if the SIPH Group's performance and prudent debt policy are maintained, thereby supporting the Group's cash flow and financial leverage as well as its liquidity.