L'abaissement de la notation de la Société Nationale des Télécommunications du Sénégal ( SONATEL ) refl& worsens the deterioration of its financial profile, as a result of pressure on its cash flows. This situation is the result of the increase in investments (2024: +18.5% in Capex) and the substantial increase in dividend payments in 2024 (+38.7%), which weakened debt coverage indicators. GCR note que SONATEL experienced pressure on its cash flow in 2024, due to the combined effect of a high level ; dividend payments (+38.7% compared to 2023, including arrears) and an increase in investments (+18.5% in Capex), mainly dedicated to the deployment of its network infrastructures. GCR justifie la perspective stable attachée à la notation through the Group's solid competitive positioning in its markets, which ensures a sustainable ability to generate revenue and maintain high margins.