FiM company gets rating boost

Finance in Motion’s (FiM) Tunisia-based financial services portfolio company’s national scale long-term issuer rating has been upgraded to BBB(tun) from BBB-(tun), by a rating agency.

Enda Tamweel has been upgraded, with a stable outlook, on improved funding profile relative to other domestic issuers, including other non-bank financial institutions.

Meanwhile the rating agency has affirmed Enda Tamweel’s national short-term rating at F3(tun).

FiM first backed Enda Tamweel in 2014, injecting $5 million into the company.

The investor structured the deal through the SANAD Fund for MSME, an open-ended vehicle structured as a Luxembourgish Société d’investissement à capital variable (Sicav) specialised investment fund (SIF).

Previous investors in Enda Tamweel include BlueOrchard Finance, Triple Jump and Netherlands FMO, which jointly invested €60 million worth of debt in the company in 2020.

Other previous investors in Enda Tamweel include Belgium-based development financier Belgian Investment Company for Developing Countries (BIO), which injected €8 million in the company in 2019.

See issuer profile here