This report does not constitute a rating action. PARIS (S&P Global Ratings) Nov. 3, 2026--In 2025, the government of Cote d'Ivoire agreed to cancel on-lent debt contracted by the state on behalf of CI-Energies. The company is 100% state-owned and is the country's leading power utility. The on-lent debt represented about 75% of CI-Energies'total debt. The cancelation will improve leverage metrics, with adjusted debt to EBITDA of about 7.0x-10.0x from 2026, from more than 20.0x previously. We view CI-Energies'financial profile as highly leveraged, however. The cancellation will not affect interest coverage metrics, because interest expenditures were previously covered by the state for the on-lent debt, and are paid only on external debt, which remains on balance sheet. Our
