Wrap Text
Moody’s affirms Letshego Holdings Limited issuer rating at Ba3
Letshego Holdings Limited
Incorporated in the Republic of Botswana
Registration number UIN BW00000877524
(JSE Code: “BILETS”)
(“Letshego Holdings” or “the Company” or “the issuer”)
This announcement is being released on the Johannesburg Stock Exchange for information purposes
only in respect of Letshego Holdings Limited’s Note Programme.
_________________________________________________________________________________
NOTICE TO SHAREHOLDERS
Moody’s affirms Letshego Holdings Limited issuer rating at Ba3, reducing the Group’s corporate
family rating by one notch to Ba3, reflecting macro economic challenges in select markets, with
outlook negative
____________________________________________________________________________________
Gaborone, BOTSWANA - Friday 04 December 2022: Following Moodys Rating Release for Letshego
Holdings Limited, the Group has affirmed its issuer rating at Ba3, with regional macro economic challenges
resulting in a ‘one notch’ downgrade of the Group’s corporate family rating to Ba3.
Moody’s has affirmed Letshego’s issuer rating at Ba3, showing Letshego’s commitment in improving the
funding structure through its deliberate strategy to reduce secured debt and reduce structural subordination
for its listed instruments.
The downgrade of the Group’s Company Family Rating (“CFR”) is driven by prevailing macroeconomic
challenges that have significantly impacted select regional markets. This is demonstrated by inflationary
pressures, rising interest rates and an increasing burden on sovereign debt levels which has inturn put
pressure on some of our operations in these affected markets.
Group Chief Executive, Aupa Monyatsi added, “Letshego’s business fundamentals remain
strong, reflected in Moody’s affirming and maintaining Letshego’s corporate issuer rating at Ba3,
for 11 years. With markets, like Ghana, experiencing a Moody’s downgrade in long term issuer
ratings, we remain steadfast in weathering downside economic conditions by maintaining
business resilience and progressive execution of our Group Transformation Strategy.”
Friday 2 December 2022
AOBAKWE AUPA MONYATSI
Group Chief Executive, Letshego Holdings Limited
GABORONE, Friday, 2 December 2022
PHILIP ODERA AOBAKWE AUPA MONYATSI
Group Board Chairman Group Chief Executive
Debt sponsor in South Africa
Keletso Moloi: 0117218043 or keletso.moloi@standardbank.co.za
The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division
MOODY’S RELEASE
Ra ting Action: Moody's downgra des Lets hego's corpora te
fa mily ra tings a nd a ffirms is s uer ra tings a t Ba 3; outlook
nega tive
02 Dec 2022
London, December 02, 2022 -- Moody's Inves tors Service ("Moody's ") ha s toda y
downgra ded the corpora te fa mily ra tings (CFR) of Lets hego Holdings Limited
(Lets hego) to Ba 3 from Ba 2 a nd a ffirmed its long-term is s uer ra tings a t Ba 3. The
outlook on Lets hego cha nged to nega tive from s ta ble.
The downgra de of the CFR prima rily reflects the deteriora tion in the opera ting
environment a cros s s ome of the ma in Sub-Sa ha ra n Africa n countries where Lets hego
opera tes , ca pturing both the fra gile ma cro conditions a nd increa s ed indus try ris ks .
Thes e more cha llenging conditions will weigh on Lets hego's ea rning genera tion a nd
a s s et qua lity metrics . More pos itively, the a ffirma tion of the is s uer ra tings reflects the
declining portion of s ecured funding a s a percenta ge of tota l funding, which will
neutra lize s tructura l s ubordina tion concerns for uns ecured creditors , a nd a llows
Moody's to pla ce the is s uer ra tings on pa r with the CFR.
A full lis t of a ffected ratings is a t the bottom of the pres s relea s e. RATINGS RATIONALE
--- DOWNGRADE OF THE CFR
According to Moody's , the downgra de of Lets hego's CFR prima rily ca ptures the
deteriora ting ma croeconomic conditions a nd ris ing indus try ris ks . More s pecifically,
Sub-Sa ha ra n Africa n economies a re faced with s ubdued economic growth, ris ing
interes t ra tes , a nd high infla tion a nd government debt. The IMF projects a n a vera ge
Sub-Sa ha ra n Africa infla tion ra te of 11.9% in 2023, with the government debt currently
a t a round 56% of the region's GDP. [1]
According to the ra ting a gency, indus try ris ks ha ve a ls o been ris ing due to increa s ed
competition in s ome of the a reas where Lets hego opera tes – both from incumbent
ba nks a nd new fintech compa nies – a nd increa s ed regula tory ris ks a nd cons umer
protection initia tives . Afforda bility rules are increa s ingly in focus in numerous countries ,
concerns a round the a dequa cy of a nti- money la undering regula tory deficiencies a re
ris ing, while increa s ed us e of digita liza tion a nd on- line products further increa s es
cybers ecurity ris ks .
The deteriora tion in the opera ting environment is a ls o impa cting Lets hego's fina ncia l
metrics a nd further rais es vulnera bilities a nd ris ks . The compa ny's bottom -line
profita bility decrea s ed by 18% during H1 2022 a nd its problem loa ns ra tio increa s ed to
7.2% of gros s loa ns a s of J une 2022 (2021: 5.9%).
Aga ins t thes e ris ks , the ra ting a gency notes tha t Lets hego's fina ncia l metrics rema in
res ilient, with the ta ngible common equity-to-a s s ets ra tio a t 29.7% a s of J une 2022,
return on a s s ets of 3%, while it continues to broa den its funding s ources to include
development fina nce ins titutions , ba nks , depos its a nd funding from regiona l ca pita l
ma rkets .
--- AFFIRMATION OF ISSUER RATING
According to Moody's , the decis ion to a lign the is s uer ra tings with the CFR reflects the
ra ting a gency's forwa rd looking view of the s tea dy reduction in the s tructura l
s ubordina tion of uns ecured obliga tions . Moody's expects the s ecured debt to reduce
further in the outlook horizon – to below 5% of tota l funding – which will neutra lize
s tructura l s ubordina tion concerns for uns ecured creditors .
NEGATIVE OUTLOOK
The nega tive outlook ca ptures the ris k of a further deteriora tion in the opera ting
environment in s pecific countries including Gha na , Kenya a nd Uganda , tha t will further
pres s ure Lets hego's fina ncia l performa nce and metrics . The nega tive outlook a ls o
incorpora tes the ris k tha t the portion of s ecured debt will not decline in line Moody's
expecta tions .
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Any upwa rd ra ting pres s ure on Lets hego's ra tings is limited given the nega tive outlook.
The compa ny's ra tings could change ba ck to s ta ble if opera ting environment conditions
do not deteriora te further a nd Lets hego ma inta ins a dequa te profita bility, s ound ca pita l
metrics a nd problem loa ns s ta bilis e a nd rema in in line with Lets hego's ris k a ppetite.
Lets hego's ra tings could be downgra ded if opera ting conditions deteriora te further a nd
pres s ure Lets hego's fina ncia l metrics , es pecia lly its a s s et qua lity, ca pita l a nd funding
profile. Lets hego's is s uer ra tings could als o be downgra ded if the s ecured portion of its
debt s hows no further reduction or even increa s es , which would lower the recovery ra te
for s enior uns ecured debt cla s s es .
LIST OF AFFECTED RATINGS
..Is s uer: Lets hego Holdings Limited
Affirma tions :
.... Short-term Is s uer Ra tings , Affirmed NP
.... Long-term Is s uer Ra tings , Affirmed Ba 3
Downgra des :
.... Long-term Corpora te Fa mily Ra tings , Downgra ded to Ba 3 from Ba 2 Outlook Actions :
....Outlook, Cha nged To Nega tive From Sta ble
PRINCIPAL METHODOLOGY
The principa l methodology us ed in thes e ra tings wa s Fina nce Com pa nies Methodology
publis hed in November 2019 a nd a va ila ble a t https :/ / ra tings .moodys .com/ a pi/ rmc-
documents / 65543. Alterna tively, plea s e s ee the Ra ting Methodologies pa ge on https :/ /
ra tings .moodys .com for a copy of this methodology.
REGULATORY DISCLOSURES
For further s pecifica tion of Moody's key ra ting a s s um ptions a nd s ens itivity ana lys is , s ee
the s ections Methodology As s umptions a nd Sens itivity to As s umptions in the
dis clos ure form. Moody's Ra ting Symbols and Definitions ca n be found on
https :/ / ra tings .moodys .com/ ra ting- definitions .
For ra tings is s ued on a progra m, s eries , ca tegory/ cla s s of debt or s ecurity this
a nnouncement provides certa in regula tory dis clos ures in rela tion to ea ch ra ting of a
s ubs equently is s ued bond or note of the s a me s eries , category/ cla s s of debt, s ecurity
or purs ua nt to a program for which the ra tings a re derived exclus ively from exis ting
ra tings in a ccorda nce with Moody's ra ting pra ctices . For ra tings is s ued on a s upport
provider, this a nnouncement provides certa in regula tory dis clos ures in rela tion to the
credit ra ting a ction on the s upport provider and in rela tion to ea ch pa rticula r credit
ra ting a ction for s ecurities tha t derive their credit ra tings from the s upport provider's
credit ra ting. For provis iona l ra tings , this a nnouncement provides certa in regula tory
dis clos ures in rela tion to the provis iona l ra ting a s s igned, a nd in relation to a definitive
ra ting tha t ma y be a s s igned s ubs equent to the fina l is s ua nce of the debt, in ea ch ca s e
where the tra ns a ction s tructure a nd terms ha ve not cha nged prior to the a s s ignment of
the definitive ra ting in a ma nner tha t would ha ve a ffected the ra ting. For further
informa tion plea s e s ee the is s uer/ deal pa ge for the res pective is s uer on
https :/ / ra tings .moodys .com.
For a ny a ffected s ecurities or ra ted entities receiving direct credit s upport from the
prima ry entity(ies ) of this credit ra ting a ction, a nd whos e ra tings ma y cha nge a s a res ult
of this credit ra ting a ction, the a s s ocia ted regula tory dis clos ures will be thos e of the
gua ra ntor entity. Exceptions to this a pproa ch exis t for the following dis clos ures , if
a pplica ble to juris diction: Ancilla ry Services , Dis clos ure to ra ted entity, Dis clos ure from
ra ted entity.
The ra tings ha ve been dis clos ed to the ra ted entity or its des igna ted a gent(s ) a nd
is s ued with no a mendment res ulting from tha t dis clos ure.
Thes e ra tings a re s olicited. Plea s e refer to Moody's Policy for Des igna ting a nd
As s igning Uns olicited Credit Ra tings a va ila ble on its webs ite
https :/ / ra tings .moodys .com.
Regula tory dis clos ures conta ined in this pres s relea s e apply to the credit ra ting a nd, if
a pplica ble, the rela ted ra ting outlook or ra ting review.
Moody's genera l principles for a s s es s ing environmenta l, s ocia l a nd governa nce (ESG)
ris ks in our credit a na lys is ca n be found a t
https :/ / ra tings .moodys .com/ documents / PBC_1288235.
The Globa l Sca le Credit Ra ting on this Credit Ra ting Announcement wa s is s ued by one
of Moody's a ffilia tes outs ide the EU a nd is endors ed by Moody's Deuts chla nd GmbH, An
der Welle 5, Fra nkfurt a m Ma in 60322, Germa ny, in a ccorda nce with Art.4 pa ra gra ph 3
of the Regula tion (EC) No 1060/ 2009 on Credit Ra ting Agencies . Further informa tion on
the EU endors ement s ta tus a nd on the Moody's office tha t is s ued the credit rating is
a va ila ble on https :/ / ra tings .moodys .com.
REFERENCES/ CITATIONS
[1]. https :/ / www.imf.org/ en/ Publica tions / REO/ SSA/ Is s ues / 2022/ 10/ 14/ regiona l-
economic-
outlook-for-s ub-s a ha ra n-a frica -october-2022
Plea s e s ee https :/ / ra tings .moodys .com for any upda tes on cha nges to the lea d ra ting
a na lys t a nd to the Moody's lega l entity tha t ha s is s ued the ra ting.
Plea s e s ee the is s uer/ dea l pa ge on https :/ / ra tings .moodys .com for a dditiona l
regula tory dis clos ures for ea ch credit ra ting.
Berke Ba tma n
Ana lys t
Fina ncia l Ins titutions Group Moody's Inves tors Service Ltd. One Cana da Squa re
Ca na ry Wha rf
London, E14 5FA
United Kingdom
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Cons ta ntinos Kypreos
Senior Vice Pres ident
Fina ncia l Ins titutions Group J OURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772
5454
Relea s ing Office:
Moody's Inves tors Service Ltd. One Ca na da Squa re
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Date: 02-12-2022 05:44:00
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