L'agence de notation GCR rating (GCR) has raised the long-term and short-term issuer ratings of the Dakar Autonomous Port (PAD) respectively from BBB (WU) to A- (WU) and from A3 (WU) to A2 (WU) to A2 (WU) on its regional rating scale. Stable outlook

The improvement in the PAD rating reflects the financial support received from the State of Senegal, making it possible to contain the increase in its debts in 2023 and to reduce the cost of its debt. Thanks to this intervention, the PAD was able to stabilize its financial structure and control its debt level, thus compensating for its poor operating performance. The financial support provided by the State of Senegal to the PAD is a major asset for its rating. GCR expects that over the next 12 to 18 months, the coverage of liquidity needs with its available sources, currently estimated at between 125% and 200%, will remain within this range

The perspective attached to PAD scoring is stable. GCR justifies this stable outlook by the expected improvement in operational and financial performance, supported by the start of the decongestion in the PAD and by the strategy to control operational and financial costs currently being deployed by the new PAD authorities. This approach will make it possible to generate more margins, to stabilize the level of debt and to improve the coverage of its liquidity needs.