"SENELEC does not exit the rating process". This is the reaction of Senegal's national electricity company after the Bloomfield Investment announcement has been published. SENELEC explains that it has selected another agency for an invitation to tender for the period 2018-2019.
The Africa-based pan-European credit rating agency Bloomfield announced on Tuesday that aakkari.com and Abidjan.Net have received a copy of the Senegalese National Electricity Company's (SENELEC) decision to abandon Bloomfield Investment's financial rating. Based on this information, SENELEC will react formally.
In a published statement, Senegal's company explained the process that led to its withdrawal from Bloomfield Investment. "In 2017, Senelec had given up a voluntary credit rating process, which was still in force and for which it had consulted CREPMF's two rating agencies, namely WARA and Bloomfield Investment." Bloomfield's bid was selected from Senegal's acquisition, "says SENELEC's CEO.
The Senegalese National Electricity Company stated that consulting, which led to it being maintained by the rating agency Bloomfield Investment, concerned the period 2017-2018. And in 2018-2019 it is a competing offer that has been selected.
"Since consultancy is only valid for the period 2017-2018, Senelec has published the 2018-2019 call for proposals and two credit rating agencies approved by CREMPF (Bloomfield and WARA) have submitted proposals for the period 2018 to 2019. At the end of the process and after analyzing the technical and financial proposals WARA was selected, the WARA agreement has been signed and the operation is in progress, "says SENELEC press release.
Mouhamadou Makhtar Cissé, President and CEO, also reiterated SENELEC's commitment to "comply with all UMEOA regional bond market bond issuance conditions".