WARA affirms Coris Bank International’s long-term rating to « BBB + »

The credit rating agency, Wara, affirms Coris Bank International (CBI) ‘s investment category rating with « BBB + » in the long term and « w-3 » in the short term.

At the end of its last assessment, dating from August 2020, published Monday, December 28, the agency notes that the outlook attached to these ratings remains stable.

These good grades, she emphasizes, confirm the bank’s leading position in financing the Burkinabé economy and SMEs in particular.

Wara explained that an improvement in CBI’s rating depends on several factors including a significant and lasting gain in market share in Burkina Faso and a diversification of the sectors of activity financed. In addition, the agency also listed 3 factors that could lead to the deterioration of CBI’s rating.

First, there is a deterioration in CBI’s results through an increase in the failures of its client portfolio and / or a lack of control over operating expenses. Then the significant materialization of social or political risk in Burkina Faso which could have a significant impact on the economy.

And finally the deterioration in the concentration of financed counterparts or the lack of sectoral and / or geographic diversification. Born in 2008 from the transformation of « La Financière du Burkina », which was originally a troubled financial institution, CBI experienced rapid growth over the period 2008-2018.

In 2019, it posted a total balance sheet of 1212 billion FCFA ($ 2.2 billion) which places it first out of fifteen banks in Burkina Faso. Majority-owned by the Group holding company, Coris Holding, CBI went public at the end of 2016, becoming the third Burkinabè company listed on the Regional Stock Exchange of Mobilities (BRVM) of the UMOA.

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