GCR Ratings (“GCR”) withdrew the rating of the 2013-2021 SIFCA bond issue from 6.90% in the amount of 35 billion FCFA on December 22, 2022. Note that no additional analysis was carried out.

The downgrade of the bond issue is due to the full repayment of the 8-year public offering bond issued in July 2013 and fully paid off in August 2021. As a result, GCR will no longer provide ratings or analytics coverage for this mandatory issue.

Indeed, before the withdrawal, the rating of the 2013-2021 6.90% SIFCA bond issue was “BBB+ (wu)” with a stable outlook. GCR asserted that no part of the rating process was integrated by the rating agency's other commercial activities. Also, ratings are based solely on the merits of the rated entity, security, or financial instrument, and then these ratings are an independent assessment of the risks and merits of the rated entity, security, or financial instrument.