Ivorian Cable Maker Sicable Sees Credit Rating Boost
TLDR
- Sicable (CABC), Côte d’Ivoire’s leading cable manufacturer, received a credit rating upgrade from GCR Ratings.
- The company’s long-term issuer rating improved to AA-(WU) from A(WU).
- Its short-term issuer rating advanced to A1+(WU). The outlook remains stable.
Sicable (CABC), Côte d’Ivoire’s leading cable manufacturer, received a credit rating upgrade from GCR Ratings. The BRVM-listed company’s long-term issuer rating improved to AA-(WU) from A(WU), while its short-term issuer rating advanced to A1+(WU). The outlook remains stable.
The rating upgrade reflects Sicable’s strong financial position with zero debt and robust liquidity. The company’s liquidity coverage exceeds 200%, backed by solid cash flows and prudent financial management. Revenue rose 8% to 17.7 billion CFA ($28.2 million) in 2023, driven by increased copper cable sales and trading products, despite narrower profit margins due to rising costs.
The company has diversified its client base, reducing dependency on top customers, while leveraging its affiliation with Prysmian Group to strengthen operational and governance structures. SICABLE’s leadership in Côte d’Ivoire’s cable market is expected to persist, and a competitive edge and significant market share support it.
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Key Takeaways
The Ivorian cable market is strategically significant due to the increasing demand for infrastructure development across West Africa. SICABLE’s focus on local manufacturing and robust export channels reinforces its competitive edge. The upgrade also signals broader confidence in regional industrial players' ability to adapt to economic pressures and pursue sustainable growth strategies. Sicable’s continued financial health and market leadership depend on sustained cash flow, managing customer concentration risks, and navigating commodity price volatility, which is critical for maintaining its upgraded status.
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