...- Cote d'Ivoire Energies (CI Energies) is the operating arm for Cote d'Ivoire to achieve full electrification by 2025. It owns, but does not operate, the transmission and distribution networks; manages investments and public construction projects on behalf of the state; and manages the entire debt of the electricity sector. - Despite the relatively high leverage, with S&P Global Ratings-adjusted debt to EBITDA expected to be about 15x over 2021-2023, the company benefits from no material principal repayments on its loans until at least 2025. Moreover, the company has an ample liquidity buffer, with committed unused credit lines of more than CFA franc (XOF) 677 billion (about 1 billion) maturing beyond 2023. - Given its unique role in the Ivory Coast energy system and the 100% ownership by the state, we expect the state to provide extraordinary support to CI Energies in case of financial difficulty, which results in two notches of uplift from the stand-alone rating of 'b-'. - We assigned...
