GCR Ratings (GCR) affirmed on Thursday, November 30, 2023, the long-term issuer rating of 'BBB- (WU) 'from Nourmony Holding on its regional rating scale with a stable outlook.

The rating of Nourmony Holding reflects the group's competitive position that can be improved on its various markets, combined with a high sectoral concentration of its activities and governance that is being strengthened. GCR notes that the group's current competitive position results from the fact that some of the group's subsidiaries are just emerging from the start-up phase, while the older ones are beginning to occupy intermediate positions in their respective niches

GCR justifies the stable outlook by the fact that the structure is likely to maintain adequate financial levers, which would support the growth of the group's subsidiaries, despite their moderate competitive position.