The GCR rating agency affirms the long-term issuer rating of Société Africaine de Plantations d'Hévéas (SAPH) from BBB+ (WU) on a regional scale with a stable outlook.

The increase in the SAPH rating would be dependent on a significant and sustainable increase in global natural rubber prices on which the Group remains dependent for its purchases and sales, on the continuation of the process of strict cost control leading to a low profitability threshold; on the success of egrave; s the investment plans necessary to modernize the industrial tool and increase current production capacities, materializing in the steady decrease in the breakeven point; of the improvement of financial flexibility through a decrease in debt or an increase in its operating margins; or of the increase in the coverage of its liquidity needs by its sources of liquidity beyond 200% for one year.

The stable outlook attached to SAPH's rating reflects GCR's opinion that SIPH's revenues should remain at a high level, supported by a return to the upward trend in SICOM (Singapore Commodity Exchange) prices observed since the last quarter of 2023, which should encourage the maintenance of margins in a context of continuous optimization of operating expenses. rational.