The GCR Ratings Agency (GCR) has lowered the long-term issuer rating from BBB- (wu) to BB- (wu) from Nourmony Holding SA on its regional scale. In addition, GCR lowers the long-term bond rating of the private bond loan from BBB- (WU) to BB- (WU). The perspective attached to these ratings are stable.

GCR downgraded the short-term issuer rating by A3 (WU) to B (WU) Likewise, GCR lowers the long-term emission rating of the company's private bond from BBB- (WU) to BB- (WU). La The outlook is stable. The downgrade of Nourmony Holding is based on on the deterioration of its financial profile, mainly linked to a high and growing debt that degrades its main leverage ratios. En In addition, the group's competitive position remains subject to improvement in its different markets, which constrains its revenues and limits its margins. In addition, the group's governance is in the process of strengthening, thus limiting its maturity. The financial profile of the group is also impacted by needs. increased funding for its subsidiaries in the growth phase.

GCR observes a marked increase (+48%) in debt Net income of Nourmony Holding in 2024 compared to 2023, reflecting an evolution of the group's financing policy and exerting increased pressure on its leverage indicators. The net debt/EBITDA ratio thus deteriorated to 2.2x in 2024 (2023:1.4x), under the combined effect of an increase in debt and a weakening of EBITDA (2024): 4,558 million CFA francs; 2023:4,701 million FCFA).

The perspective attached to Nourmony Holding's rating is stable. GCR justifies this perspective stable due to the fact that the stabilization of operating margins in a context of rising consolidated revenue should mitigate the impact of the increase of debt on the group's leverage ratios. In addition, a better controlling the evolution of the BFR should result in an improvement in the generation of operating cash flow, a key factor that should strengthen the consolidated liquidity position of Nourmony Holding