TLG company gets rating boost

TLG Capital’s Nigeria based-based financial services portfolio company’s national scale long and short-term issuer ratings have been upgraded by a rating agency.

Fidelity Bank’s long-term rating has been upgraded to A(NG) from A-(NG), while the short-term rating has been lifted to A1(NG) from A2(NG).

The rating agency has upgraded Fidelity on strong growth trajectory, whilst maintaining moderate credit losses through the cycle and relatively low non-performing loans ratio.

Meanwhile the rating agency has also upgraded Fidelity’s outlook from negative to stable on the rating agency’s expectation that Fidelity’s low non-performing loans ratio and credit losses will be maintained well below the average for peers.

TLG first backed Fidelity in 2020, having injected an $20 million worth of debt into the company.

The investor is structured the deal through is debt fund, TLG Africa Growth Impact Fund (AGIF), an open-ended vehicle which is targeting to raise $150 million at final close.

AGIF was previously known as TLG Credit Opportunities Fund (COF) and has since been renamed.

This comes after the rating agency affirmed Fidelity’s ratings in 2020.

See issuer profile here