{"id":7822,"date":"2025-02-19T13:42:58","date_gmt":"2025-02-19T13:42:58","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=7822"},"modified":"2025-02-19T13:43:47","modified_gmt":"2025-02-19T13:43:47","slug":"moodys-attribue-sa-meilleure-note-a-la-crrh-uemoa-avant-sa-nouvelle-emission-dobligations-sociales","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=7822","title":{"rendered":"Moody\u2019s attribue sa meilleure note \u00e0 la CRRH-UEMOA avant sa nouvelle \u00e9mission d\u2019obligations sociales"},"content":{"rendered":"<p class=\"texte textearticle\"><strong>Cette notation constitue un v\u00e9ritable coup de pouce pour la CRRH-UEMOA, qui s\u2019appr\u00eate \u00e0 lever plus de 60 milliards FCFA (95,3 millions $) sur le march\u00e9 r\u00e9gional afin de soutenir le financement du logement social par les \u00e9tablissements de cr\u00e9dit, dans une r\u00e9gion o\u00f9 le d\u00e9ficit en logements progresse \u00e0 un rythme soutenu.<\/strong><\/p>\n<p class=\"texte textearticle\">La Caisse R\u00e9gionale de Refinancement Hypoth\u00e9caire de l\u2019UEMOA (CRRH-UEMOA) s\u2019appr\u00eate \u00e0 retourner sur le march\u00e9 financier r\u00e9gional avec une nouvelle \u00e9mission d\u2019obligations sociales destin\u00e9e \u00e0 refinancer les pr\u00eats immobiliers accord\u00e9s par les banques et \u00e9tablissements de cr\u00e9dit de l\u2019UEMOA en faveur du logement social en Afrique de l\u2019Ouest. Le montant de l\u2019op\u00e9ration avoisinerait 60 milliards FCFA. Un projet qui vient de recevoir un gage de cr\u00e9dibilit\u00e9\u00a0: Moody\u2019s lui a attribu\u00e9 la note de durabilit\u00e9 SQS1 (excellent), la plus haute distinction en mati\u00e8re de finance durable.<\/p>\n<p class=\"texte textearticle\">Dans son opinion de seconde partie publi\u00e9e le mardi 18 f\u00e9vrier, l\u2019agence de notation souligne l\u2019alignement du document-cadre de la CRRH-UEMOA avec les principes applicables aux obligations sociales (SBP) 2023 de l\u2019International Capital Market Association (ICMA), qui fait office d\u2019autorit\u00e9 dans le domaine.<\/p>\n<p class=\"texte textearticle\">Contrairement \u00e0 une notation de cr\u00e9dit (AAA, BB+, etc.), qui \u00e9value la capacit\u00e9 d\u2019un \u00e9metteur \u00e0 rembourser sa dette, une opinion de seconde partie (SPO) mesure l\u2019impact environnemental ou social d\u2019une obligation et son alignement avec les meilleures pratiques internationales.<\/p>\n<p class=\"texte textearticle\">Un s\u00e9same qui devrait renforcer l\u2019app\u00e9tit des investisseurs pour cette nouvelle \u00e9mission, dont les fonds seront int\u00e9gralement allou\u00e9s au refinancement des pr\u00eats immobiliers sociaux et d\u00e9ploy\u00e9s sur 24 mois. D\u2019autant que cette reconnaissance intervient dans un contexte o\u00f9 la solidit\u00e9 financi\u00e8re de la CRRH-UEMOA a d\u00e9j\u00e0 \u00e9t\u00e9 salu\u00e9e par Moody\u2019s.<\/p>\n<p class=\"texte textearticle\">En octobre dernier, l\u2019agence avait en effet r\u00e9vis\u00e9 sa perspective de \u00ab\u00a0n\u00e9gative\u00a0\u00bb \u00e0 \u00ab\u00a0stable\u00a0\u00bb, tout en confirmant ses notes Ba2 pour la dette \u00e0 long terme en monnaie locale et Ba3 pour la dette en devises \u00e9trang\u00e8res. Cette d\u00e9cision faisait d\u00e9j\u00e0 de l&rsquo;institution, dont la BOAD, la SFI, la BIDC, Shelter Afrique Development Bank (ShafDB) et 58 banques commerciales de l\u2019UEMOA sont actionnaires, l\u2019une des institutions financi\u00e8res les mieux not\u00e9es de l&rsquo;UEMOA par l\u2019agence.<\/p>\n<p class=\"texte textearticle\"><strong>Un march\u00e9 sous pression, des besoins croissants<\/strong><\/p>\n<p class=\"texte textearticle\">Depuis sa cr\u00e9ation en 2010, la CRRH-UEMOA a lev\u00e9 461 milliards FCFA (\u00e0 fin 2023) pour refinancer les portefeuilles de pr\u00eats des banques de l\u2019UEMOA. Mais dans une r\u00e9gion o\u00f9 la pression d\u00e9mographique ne faiblit pas, l\u2019offre reste largement inf\u00e9rieure \u00e0 la demande.<\/p>\n<p class=\"texte textearticle\">En C\u00f4te d\u2019Ivoire, le d\u00e9ficit en logements d\u00e9passe 500\u00a0000 unit\u00e9s, avec une progression annuelle de 10%. Au B\u00e9nin et au Burkina Faso, o\u00f9 plus de 70% des travailleurs urbains \u00e9voluent dans l\u2019\u00e9conomie informelle, l\u2019acc\u00e8s au financement immobilier reste un d\u00e9fi.<\/p>\n<p class=\"texte textearticle\">L\u2019initiative de la CRRH-UEMOA cible pr\u00e9cis\u00e9ment ces segments vuln\u00e9rables. Selon Moody\u2019s, 80% des pr\u00eats refinanc\u00e9s concernent des logements d\u2019une valeur inf\u00e9rieure \u00e0 50 millions FCFA, dont 49% sous la barre des 25 millions FCFA.<\/p>\n<p class=\"texte textearticle\"><strong>Un signal fort aux investisseurs<\/strong><\/p>\n<p class=\"texte textearticle\">Avec une notation SQS1 en poche, la CRRH-UEMOA b\u00e9n\u00e9ficie d\u2019un argument de poids pour s\u00e9duire les investisseurs institutionnels et les fonds sp\u00e9cialis\u00e9s en finance durable. L\u2019\u00e9mission, qui devrait offrir un rendement compris entre 5,95% et 6,15%, pourrait int\u00e9resser aussi bien les acteurs r\u00e9gionaux que les banques de d\u00e9veloppement.<\/p>\n<p class=\"texte textearticle\">Cette nouvelle op\u00e9ration s&rsquo;inscrit dans une strat\u00e9gie \u00e9prouv\u00e9e. Depuis son lancement, la CRRH-UEMOA a d\u00e9j\u00e0 r\u00e9alis\u00e9 neuf \u00e9missions sur le march\u00e9 r\u00e9gional, pour un total de 198 milliards FCFA \u00e0 fin 2023.<\/p>\n<p class=\"texte textearticle\">Sa derni\u00e8re \u00e9mission obligataire, r\u00e9alis\u00e9e en janvier 2023, portait sur 36 milliards FCFA, avec une maturit\u00e9 de 15 ans, assortie d\u2019un taux d&rsquo;int\u00e9r\u00eat annuel de 6,10%. L\u2019op\u00e9ration avait \u00e9t\u00e9 majoritairement souscrite par des investisseurs institutionnels de l\u2019UEMOA.<\/p>\n<p><strong>(Agence Ecofin)\u00a0 <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cette notation constitue un v\u00e9ritable coup de pouce pour la CRRH-UEMOA, qui s\u2019appr\u00eate \u00e0 lever plus de 60 milliards FCFA (95,3 millions $) sur le&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7823,"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-7822","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 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Moody\u2019s attribue sa meilleure note \u00e0 la CRRH-UEMOA avant sa nouvelle \u00e9mission d\u2019obligations sociales - 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