GCR Ratings (GCR) raised SITAB's long-term issuer rating from 'A- (WU) 'to 'AA- (WU)' on its regional rating scale with a stable outlook on it's regional rating scale on Wednesday, December 13. The short-term issuer rating has been raised from 'A2 (WU) 'to 'A1+ (

The increase in the ratings of the Société Ivoirienne des Tabacs (SITAB) reflects its solid revenue growth in 2022, which strengthens its margins and facilitates the generation of sufficient cash flow to finance its development. SITAB's prudent debt policy contributes to maintaining a favourable level of financial leverage, while the company effectively controls its operational financing needs. This allows it to have abundant liquidity

The positive outlook reflects GCR's opinion that SITAB's rating could be further improved if its revenues and margins continue to grow and its liquidity position further consolidated due to good control of its operating cycle.