GCR Ratings (GCR) a Affirmed the long-term issuer rating of Société Africaine de Plantations by Hévéas (SAPH) from BBB+ (WU) on its regional rating scale. The note The short-term issuer is A2 (WU). The outlook is stable.

line-height: 107%; font-family: "Bookman Old Style”, serif"> The notation of Société Africaine de Plantations d'Hévéas (SAPH) is based on that of the Group SIPH due to its high strategic importance within the perimeter consolidated. This importance is reflected in a decisive contribution to Group revenues (2024:66%) and operating results (2024:35%) and operating results (2024:66%) consolidated. In line with its group analysis methodology, GCR is capping the SIPH rating and by extension that of SAPH to that assigned to SIFCA, parent company of SIPH, in order to reflect the decisive influence of SIPH on the governance, strategy and financial flexibility of the sub-group rubber.

GCR notes in 2024 a net recovery in profitability and a strong expansion of Group revenues SIPH, supported by the recovery of the global natural rubber market and a increased cost discipline.

The perspective attached to SAPH's rating is stable. GCR maintains a stable outlook on rating of the Société Africaine de Plantations d'Hévéas (SAPH), reflecting its strong operational and financial integration within the SIFCA group. La SAPH's rating remains structurally constrained by that of SIFCA, which represents the lead entity and the main source of financial support and strategy of the rubber sub-group