Helios Investment Partners’ Namibia-based diversified holding portfolio company’s long and short-term issuer ratings have been downgraded by GCR Ratings.
Trustco Group’s short-term issuer ratings has been dropped to CCC-(NA) from B(NA), while the long –term rating has been downgraded to CCC-(NA) from B+(NA).
The rating agency has downgraded Trustco due to a standstill on interest and principal repayments on its existing debt obligations during debt restructuring negotiations.
Trustco commenced debt restructuring negotiations with its lenders, earlier in 2020.
The rating agency has also placed Trustco’s outlook at evolving due to high level of uncertainty surrounding the company’s short-term credit profile.
Helios first backed Trustco in 2016, investing N$540 million worth of debt into the company.
Previous investors in the company include the Deutsche Investitions- und Entwicklungsgesellschaft (DEG) injected approximately $20 million (N$345 million) worth of debt into Trustco, earlier in 2020.
The European Investment Bank (EIB) also previously injected N$113.5 million worth of debt into the company in 2016.
Trustco has also been previously backed by Renaissance Investment Management. Renaissance acquired about 10.5% in the company in 2011, which was repurchased by Trustco in 2014.