Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”) announced today that its wholly owned subsidiary, Tingo Mobile Limited (“Tingo Mobile”) has been awarded a Short-Term Credit Rating of A1, an Investment Grade Long-Term Credit Rating of A, and a Positive Rating Outlook for 2023/2024, by leading and globally recognized credit rating agency, DataPro.
With only 18 other corporates awarded an Investment Grade Long-Term Credit Rating of A in Nigeria, many of which are banks or major financial institutions, DataPro concluded that Tingo Mobile is ‘Low Risk’ with ‘Excellent Financial Strength, Operating Performance and Business Profile’. The Corporate Rating Report from DataPro states that its assessment process considered the Company’s financial performance, profitability, capital structure, asset quality, liquidity, corporate governance, risk factors and management, among other factors.
Darren Mercer, Chief Executive Officer of Tingo, commented: “Having undergone an extensive review and assessment process, we are delighted to see Tingo Mobile awarded an Investment Grade credit rating of A, in addition to a separate rating of A1 and a Positive Rating Outlook for the next 12 months.
“Today’s news is yet further evidence of the strength of Tingo Mobile and of the wider Tingo group. It has only been possible to achieve such a prestigious rating by ranking highly in all DataPro criteria, including in terms of financial performance, profitability, liquidity, and asset quality.
“Supported by DataPro’s global recognition, we expect Tingo Mobile’s Investment Grade credit rating and Low Risk classification to be a valuable asset, in particular as we expand the numerous facets of our business to deal with new partners, new customers and new suppliers, and as we also expand into new markets.”
Dozy Mmobuosi, founder of Tingo Mobile and Tingo Foods, commented: “I am very proud to see the business I founded more than 22 years ago awarded an Investment Grade crediting rating. It is a major milestone for Tingo Mobile, not to mention for the Tingo group and the whole Tingo team.
“I expect our prestigious rating to further elevate our reputation within Africa, as well as globally, and provide even greater confidence to all the parties we deal with. I also expect our rating to open many more doors for us as we look to execute on our ambitious growth plans and significantly increase the number of parties we do business with.
“I also believe that our high grade of credit rating will be invaluable as we continue to invest in capital expenditures and further expansion, not only by improving our access to more favorable types of debt-related funding, but also by materially reducing our financing costs. We are already working towards taking advantage of these benefits in connection with the fit-out of our state of the art food processing facility, which is scheduled to open by mid-2024, and for the roll-out of additional food processing facilities in the future.”
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