GCR Ratings (GCR) raised the long-term issuer rating of Société Ivoirienne de Câbles (SICABLE) from 'A- (WU) 'to 'A (WU)' on its regional rating scale on November 10, 2023, with its outlook revised from stable to positive. The short-term issuer rating has been raised from 'A2 (WU) 'to 'A1 (WU

The improvement of SICABLE's rating is based on the improvement of its profitability, thanks to good control of its expenses, despite a drop in its revenues. The improvement of SICABLE's rating is based on the improvement of its profitability, thanks to good control of its expenses, despite a drop in its revenues. This profitability strengthened the company's financial leverage ratios and liquidity, which were already benefiting from the absence of debt in the structure. GCR observes one of the company's profit margins thanks to good control of operational costs

The positive outlook reflects GCR's opinion that, if SICABLE manages to maintain this financial strength, this could lead to one of its ratings, even in the presence of a high concentration of its turnover on a limited number of customers.