L'agence de notation GCR Ratings (GCR) has awarded the long-term rating of AA- (WU) (SF) to senior bonds issued by the FCTC

GCR only assigns a long-term rating to senior bonds in the FCTC compartment BOAD DOLI-P 6.10% 2023-2030. In reality, these bonds have a maturity of 84 months at the date of issue. This rating was awarded in accordance with the securitization transaction scoring methodology approved by the AMF-UMOA in 2016. L' affirmation de la notation des obligations seniors émises par le FCTC BOAD DOLI-P 6, 10% 2023-2030 is explained by the maintenance of the quality of the portfolio since the last review (October 2024) in view of the reimbursement of part of the claims issued by Niger (60%). However, the accumulation of unpaid invoices (still linked to Niger and Senegal) continues to affect a significant part of the portfolio; that said, cash flow has strengthened

This rating is impacted by the fact that the portfolio's weakened performance is exacerbated by concentrations on a relatively limited number of sub-regional sovereign counterparties, which is a negative rating factor. The low credit quality of most sovereign counterparties in the underlying portfolio is a negative rating factor

This notation now carries an evolutionary perspective.