LETSHEGO HOLDINGS LIMITED - BILETS-Moody's Credit Rating Affirmation

BILETS-Moody's Credit Rating Affirmation

Letshego Holdings Limited

Incorporated in the Republic of Botswana

Registration number 98/442

(JSE Code: “BILETS”)

(“Letshego Holdings” or “the   Company” or “the issuer”)



This announcement is being released on the Johannesburg Stock Exchange (“JSE”)
for purposes of complying with paragraph 7.46 of the JSE’s Debt Listings
Requirements in respect of Letshego Holdings Limited’s Note Programme.



Moody’s keeps Letshego Holdings Limited credit rating unchanged at
Ba3(stable)outlook

Pursuant to the Terms and Conditions of the Letshego Holdings Limited (Letshego)
ZAR 2,500,000,000.00 Medium Term Note Programme (the Programme), Noteholders are
advised that Moody’s Investor Service (Moody’s) has affirmed Letshego Ba3/ Not
Prime issuer rating and assigned Ba2 Corporate Family Ratings (CFR).

Moody’s has stated that the ratings assigned to Letshego capture the company’s
solid capitalisation buffers and profitability; supported by high margins.

Furthermore, the rating balances these strengths against Letshego’s (1)
sensitivity of its credit profile to changes in regulatory and legal frameworks,
(2) high exposure to foreign exchange risk, (3) elevated asset quality risks, and
dependence on market-sensitive wholesale funding; although actions are being
taken to address this weakness.

The outlook on Letshego is stable. The stable outlook reflects Moody’s
expectation that the company’s financial fundamentals will remain robust over the
next 12 to 18 months horizon, despite elevated credit risks from its regional
expansion.

The       detailed       Credit Opinion is available on the Issuer’s     website
https://www.letshego.com/investor-publication-types/credit-ratings or on Moody’s
website:

www.moodys.com



20 August 2019



Debt sponsor in South Africa

Kea Sape: 0117215594 or kea.sape@standardbank.co.za

The Standard Bank of South Africa Limited, acting through its Corporate and
Investment Banking division




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Date: 20/08/2019 02:51:00
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