The financial rating agency GCR Ratings (GCR) has awarded the long-term issuance rating of AAA (WU) (WU) (SF) bonds seniors (34 billion FCFA, or $60.32 million) and the emission rating long-term A- (WU) (SF) of mezzanine bonds (10 billion FCFA), i.e. $17.74 million) issued by the FCTC KEUR SAMBA — COMPARTMENT NSIA BANQUE BENIN 2025-2033 (the FCTC), on the regional scale of GCR. The perspective attached to these ratings is stable.

Ratings were given in accordance with the securitization transaction scoring methodology approved by the AMF-UMOA in 2016. GCR only assigns a long-term rating to FCTC KEUR SAMBA senior and mezzanine bonds — NSIA BANK COMPARTMENT BENIN 2025-2033, since these bonds bear a maturity of 65 months at date of issue.

The main rating factors are between others the good diversification of the securitized portfolio by counterparty is a positive rating factor, in that it contains 4645 claims, just like the good geographical diversification (3 countries) and by segment (individuals, SMEs) and large companies)

The credit quality of the underlying portfolio is adequate, which is a neutral scoring factor.

The immediate capitalization in the amount of cash flow of 3.49 billion FCFA, including a reserve fund of 5% of outstanding capital of the amount of senior bonds, is a neutral factor of

The liquidity of the operation is very adequate: it is a neutral rating factor

The existence of a billion liquidity line FCFA is a neutral rating factor

Operational management of the securitization structure and the quality of the legal documentation are neutral scoring factors.