{"id":7358,"date":"2024-11-18T10:06:04","date_gmt":"2024-11-18T10:06:04","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=7358"},"modified":"2024-11-18T10:06:30","modified_gmt":"2024-11-18T10:06:30","slug":"en-manque-de-liquidite-oragroup-dans-un-processus-de-defaut-selon-fitch","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=7358","title":{"rendered":"En manque de liquidit\u00e9, Oragroup, dans un processus de d\u00e9faut selon Fitch"},"content":{"rendered":"<p class=\"texte textearticle\"><strong>\u00a0Pr\u00e9sente dans douze pays d&rsquo;Afrique de l&rsquo;Ouest et du Centre, la banque est engag\u00e9e dans une course contre la montre pour redresser sa situation, alors que Fitch, qui vient de d\u00e9grader \u00e0 nouveau sa note en justifiant que la holding est en processus de d\u00e9faut, menace d\u00e9j\u00e0 d\u2019abaisser davantage son rating.<\/strong><\/p>\n<p class=\"texte textearticle\">Oragroup, le groupe bancaire bas\u00e9 \u00e0 Lom\u00e9, au Togo, a entam\u00e9 depuis le vendredi 1<sup>er<\/sup> novembre 2024, une p\u00e9riode de gr\u00e2ce pour honorer le remboursement d\u2019un pr\u00eat en euros et en francs CFA, faute de liquidit\u00e9s suffisantes. Une situation critique que Fitch n\u2019a pas manqu\u00e9 de sanctionner\u00a0: l\u2019agence de notation, qui vient d\u00e9j\u00e0 d\u2019abaisser la note d\u2019Oragroup, la passant de CC \u00e0 C, menace de r\u00e9cidiver apr\u00e8s le 30 novembre, fin de cette p\u00e9riode de sursis. Et si Fitch justifie cette nouvelle d\u00e9gradation de la notation par le fait qu\u2019il estime que la holding est au d\u00e9but d\u2019un d\u00e9faut de paiement ou d\u2019un processus de d\u00e9faut, le couperet pourrait tomber si le groupe venait \u00e0 manquer un paiement, \u00e0 proc\u00e9der \u00e0 une restructuration de sa dette sur des obligations seniors, ou si les r\u00e9gulateurs intervenaient face au non-respect prolong\u00e9 de ses exigences de capital.<\/p>\n<p class=\"texte textearticle\">Pour Oragroup, ce d\u00e9ficit de liquidit\u00e9s r\u00e9v\u00e8le une situation de fragilit\u00e9 financi\u00e8re structurelle. D\u00e9j\u00e0, en octobre, le groupe avait annonc\u00e9 son besoin de lever 273 milliards FCFA pour renforcer les fonds propres de ses principales filiales de l\u2019Union mon\u00e9taire ouest-africaine (UMOA), une condition imp\u00e9rative pour se conformer aux exigences du r\u00e9gulateur d\u2019ici la fin de l\u2019ann\u00e9e. Plusieurs filiales, dont celles du Togo, du Tchad et de la Guin\u00e9e, affichent des niveaux de solvabilit\u00e9 alarmants, exposant le groupe \u00e0 des risques de sanctions r\u00e9glementaires. Fitch estime m\u00eame que le groupe est en situation d&rsquo;\u00e9chec, incapable de rem\u00e9dier \u00e0 sa non-conformit\u00e9 prolong\u00e9e aux exigences de capital sans une injection de fonds par ses actionnaires actuels ou potentiels.<\/p>\n<p class=\"texte textearticle\">La pression s\u2019accentue dans un contexte o\u00f9 Oragroup souffre d\u2019une exposition massive aux risques souverains d\u2019Afrique centrale et de l\u2019Ouest. Le ratio de fonds propres de base (CET1) du groupe est descendu \u00e0 2,3% fin 2023, bien en dessous des 7,9% exig\u00e9s par les r\u00e9gulateurs, tandis que son portefeuille accuse un taux de pr\u00eats non performants de 20%. Une situation qui met en p\u00e9ril l\u2019ensemble de sa strat\u00e9gie de croissance et de stabilit\u00e9.<\/p>\n<p class=\"texte textearticle\">Pour \u00e9viter le pire, Oragroup envisage une augmentation de capital \u00e0 hauteur de 160 milliards de francs CFA, destin\u00e9e \u00e0 priori aux actionnaires existants, dans le cadre d\u2019une \u00e9mission de nouvelles actions ordinaires. Fitch consid\u00e8re qu&rsquo;une telle injection de capital constituerait un soutien extraordinaire pour rem\u00e9dier au d\u00e9ficit de capital.<\/p>\n<p class=\"texte textearticle\">Parall\u00e8lement, une restructuration des bilans des filiales, notamment en Guin\u00e9e et en C\u00f4te d&rsquo;Ivoire, pourrait g\u00e9n\u00e9rer jusqu&rsquo;\u00e0 80 milliards de francs CFA suppl\u00e9mentaires. Le groupe table \u00e9galement sur une mon\u00e9tisation de ses dettes Tier 2, qui pourrait apporter 17 milliards de francs CFA en capital, ainsi que sur une optimisation de ses actifs pond\u00e9r\u00e9s par les risques, pour att\u00e9nuer la pression sur ses ratios de solvabilit\u00e9.<\/p>\n<p class=\"texte textearticle\">Mais la situation reste pr\u00e9caire. Oragroup sait que sans recapitalisation d\u2019ici fin 2024, sa stabilit\u00e9 pourrait \u00eatre compromise. D\u2019autant plus que la vente des parts d\u2019Emerging Capital Partners (ECP), son actionnaire principal, \u00e0 Vista Bank, pourtant pr\u00e9vue depuis ao\u00fbt 2023, a \u00e9t\u00e9 retard\u00e9e et remise sur la table sans qu\u2019on ait plus de d\u00e9tails sur les modalit\u00e9s. Ce nouvel accord, annonc\u00e9 d\u00e9but octobre, relance les sp\u00e9culations sur l\u2019avenir du groupe.<\/p>\n<p class=\"texte textearticle\">A la veille de la fin de la p\u00e9riode de gr\u00e2ce, Oragroup est sous haute surveillance. Un manquement \u00e0 ses obligations financi\u00e8res pourrait pousser les r\u00e9gulateurs \u00e0 intervenir, et compromettre son op\u00e9rationnalit\u00e9 sur ses march\u00e9s strat\u00e9giques. Quant \u00e0 son action, cot\u00e9e \u00e0 la BRVM, elle reste sous pression\u00a0: depuis son introduction en bourse, le titre a perdu plus de la moiti\u00e9 de sa valeur, et les dividendes se sont faits rares.<\/p>\n<p><strong>(Agence Ecofin)<br \/>\n<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0Pr\u00e9sente dans douze pays d&rsquo;Afrique de l&rsquo;Ouest et du Centre, la banque est engag\u00e9e dans une course contre la montre pour redresser sa situation, alors&#8230;<\/p>\n","protected":false},"author":3,"featured_media":404,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,10],"tags":[],"class_list":["post-7358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite-economique","category-infos-eco","wpcat-8-id","wpcat-10-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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