Financial rating: GCR revises Servair Abidjan's long-term issuer rating from 'BBB (WU) 'to 'A (WU)' on its regional scale : Orishas-finance

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Financial rating: GCR revises Servair Abidjan's long-term issuer rating from 'BBB (WU) 'to 'A (WU)' on its regional scale

27/07/2023

Source : ORISHAS FINANCE

Categories: Economy/Forex

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Financial rating: GCR revises Servair Abidjan's long-term issuer rating from 'BBB (WU) 'to 'A (WU)' on its regional scale

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GCR ratings (“GCR”) revised on July 25, 2023 Servair Abidjan's long-term issuer rating from 'BBB (WU) 'to 'A (WU)' on its regional scale with a stable outlook.

Servair Abidj an , a subsidiary of the Servair Group, is a sp& company eacute; specialized in airline catering. He is the only concessionaire of catering and handling services on the Abidjan airport platform. However, the rating agency GCR notes that this solid competitive position of the company is weakened by the concentration of the airline segment on a limited number of airlines as well as by the delay taken by the company in implementing the strategy of diversifying its revenue via a position in the off-air sector due to aggressive and sometimes unfair competition

However, she believes that this practice should not become widespread in the next 12 to 18 months and should not have an impact on the company's revenues, which are emerging robust and rising after the Covid pandemic (AF22: +29%; AF21: +47%; AF20: -53& nbsp;%). The stable outlook reflected GCR's view that Servair Abidjan should continue to take advantage of its strong competitive position in the Ivorian air catering market in order to increase revenues and stabilize

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