Wara renews the “tAAA” rating of the FCTC NSIA Banque

West Africa Rating Agency (WARA) affirmed, on April 20, 2021, at the end of its second semi-annual review, the long-term rating in regional currency “tAAA” of the “senior” bonds of the FCTC of NSIA BANQUE 7% 2020-2025, with an initial amount of CFAF 40 billion. These bonds have a maturity of 5 years.

For reference, this rating of “tAAA” is the maximum rating allowed by the regional rating scale. The outlook remains stable.

At the same time, WARA also affirmed the Credit Rating rating of “ec.A / Stable / w-3” to NSIA Banque Côte d’Ivoire, the Assignor of the securitization transaction.

The methodology that WARA uses for the rating of senior bonds issued by the FCTC is the securitization transaction rating methodology, while the NSIA Bank CI Credit Rating methodology relates to banks. These methodologies are available on the agency’s website (www.wara-ratings.com).

As a reminder, NSIA Banque CI carried out a debt securitization operation for a total amount of CFAF 40 billion from February 7 to March 6, 2020, thus becoming the first banking institution in the region to refinance itself on the financial market. UEMOA with this mechanism.

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