DPI Ghanaian portfolio company affirmed

Development Partners International’s (DPI) Ghana-based financial services portfolio company’s national scale long-term issuer rating has been kept at BB+(GH), by GCR Ratings.

Letshego Ghana Savings and Loans has been affirmed on its good levels of liquidity and improving financial profile. This is despite adverse operating conditions brought on by the coronavirus disease 2019 (COVID-19) crisis.

Meanwhile, the rating agency has also affirmed Letshego Ghana’s short-term issuer rating at B(GH), with a positive outlook.

The positive outlook reflects GCR’s expectation that Letshego Ghana’s financial profile’s resilience despite shocks to its operating environment.

This comes after GCR affirmed Letshego Ghana’s national scale long term and short-term issuer ratings at BB+(GH) and B(GH respectively, in 2020.

DPI is invested in Letshego Ghana through its Botswana-based parent company, Letshego Holdings.

The investor first backed Letshego in 2010, injecting an undisclosed amount into the company.

DPI structured the deal through its African Development Partners (ADP) I, an approximately $400 million (€270 million) vehicle closed in 2009.

See issuer profile here