GCR rating (“GCR”) confirmed on September 28 the long-term issuer rating of 'A- (WU) 'by the Société Nationale d'ElecTRICITÉ du Sénégal (Senelec) on its regional rating scale with an outlook that goes from negative to stable.

GCR notes Senelec's good levels of leadership and governance, reinforced by strong regulation, open procurement procedures, and a good funding strategy. Despite increasing revenues, Senelec's EBITDA margin decreased to 12.6% in 2022 (AF21:15.2%), reflecting a significant increase in operating expenses, in particular commodity acquisition expenses, which increased by 56.9% due to higher oil prices. The change in outlook from negative to stable reflects GCR's expectations that Senelec's profitability should remain high, supporting its cash flow, financial leverage, and