Equatorial Telecommunications Health

CFBANQUE Investment confirms the A rating assigned to Equatorial Telecommunications Health (MIN2035.TU), an operator in the Telecommunications sector based in Tunisia. This credit opinion reflects an investment-grade credit profile, with a satisfactory capacity to service its debt and absorb moderate sectoral shocks.

From a fundamental standpoint, the issuer posts an EBITDA margin of 15.3% in line with sector standards, reflecting adequate operational discipline and exhibits a contained net leverage of 0.61x EBITDA, providing comfortable headroom to absorb capital expenditure and debt servicing. With revenues of $8.80B and a market capitalisation of $7.78B, Equatorial Telecommunications Health commands a significant economic footprint within its domestic market.

Our proprietary models assign a Debt Capacity score of 673/1000, an Investment score of 582/1000 and an ESG & Governance score of 520/1000, reflecting an acceptable debt coverage, a measured investment potential and ESG standards on a continuous improvement trajectory.

The Stable outlook indicates that our committee does not anticipate, in its central scenario, a revision of the rating over a 12 to 18 month horizon. This analysis stems from the combined review of our quantitative models and the qualitative judgement of the CFBANQUE Investment rating committee, and may be updated in line with the evolution of fundamentals or the regional macroeconomic environment.