African Capital Alliance’s (ACA) Nigeria-based financial services technology portfolio company’s national scale long-term rating has been kept at BBB+(NG) with a stable outlook, by GCR Ratings.
Global Accelerex has been affirmed on its strong earnings progression and cash flow stability and the supportive operating environment in the Nigerian financial technology sector.
The stable outlook reflects GCR’s expectation that the successful issuance of its proposed bond would stimulate higher point of sale terminal trading and agent transaction volumes.
Meanwhile, the rating agency has also affirmed Global Accelerex’s national scale short-term rating at A2(NG), with a stable outlook.
This comes after Agusto & Co assigned a short-term rating of A- to Global Accelerex, earlier in 2021.
ACA first backed Global Accelerex in 2020, injecting $20 million into the company.
The investor structured the deal through its fourth fund, Capital Alliance Private Equity IV (CAPE IV), closed at $570 million in 2016.