GCR Ratings (“GCR”) announced to the African Rubber Plantation Society on December 22, 2022, the long-term issuer rating of BBB (WU) on its regional rating scale with a stable outlook.

The rating of the Société Africaine de Plantations d'Hévéas (SAPH) is based on the rating of the SIPH Group. This rating relates to the fact that this company is important for the Group. It is recognized by its contribution to revenues (AF21:66%) to operating results (AF21:66%) of the consolidated total. Indeed, GCR equates SAPH's rating with that of the SIPH Group. A group that has a solid competitive position on the Ivory Coast natural rubber market, which represents improved profitability in 2021 supported by global natural rubber prices and increasing sales volumes.

SIPH is the Ivorian market leader with increasing volumes in 2021 supported by its agricultural production up by 5% despite a reduction in bleeding frequencies and an increase of 9% in industrial production driven by the improvement in the performance of all factories and by the optimal use of the capacities of factories in Liberia and Ghana. This increase is due to its Ivorian subsidiary SAPH, which represents 18% of the natural rubber production market in Côte d'Ivoire.