Moody’s affirms Letshego Holdings Limited issuer rating at Ba3, reducing the Group’s corporate family rating by one notch to Ba3, reflecting macro economic challenges in select markets, with outlook negative

Gaborone, BOTSWANA – Friday 04 December 2022: Following Moodys Rating Release for Letshego Holdings Limited, the Group has affirmed its issuer rating at Ba3, with regional macro economic challenges resulting in a ‘one notch’ downgrade of the Group’s corporate family rating to Ba3.

Moody’s has affirmed Letshego’s issuer rating at Ba3, showing Letshego’s commitment in improving the funding structure through its deliberate strategy to reduce secured debt and reduce structural subordination for its listed instruments.

The downgrade of the Group’s Company Family Rating (“CFR”) is driven by prevailing macroeconomic challenges that have significantly impacted select regional markets. This is demonstrated by inflationary pressures, rising interest rates and an increasing burden on sovereign debt levels which has in turn put pressure on some of our operations in these affected markets.

Group Chief Executive, Aupa Monyatsi added, “Letshego’s business fundamentals remain strong, reflected in Moody’s affirming and maintaining Letshego’s corporate issuer rating at Ba3, for 11 years. With markets, like Ghana, experiencing a Moody’s downgrade in long term issuer ratings, we remain steadfast in weathering downside economic conditions by maintaining business resilience and progressive execution of our Group Transformation Strategy.”

Friday 2 December 2022

AOBAKWE AUPA MONYATSI
Group Chief Executive, Letshego Holdings Limited

Moody’s Credit Rating on Letshego Holdings – 2 December 2022.pdf