The ratings on Windhoek based Letshego Bank Namibia Limited (LBN or the bank), Letshego Micro Financial Services (Namibia) (Pty) Limited (LMFSN) and Letshego Holdings Namibia Limited (LHN) reflect the strengths and weaknesses of the group.
LBN provides banking services to Namibian residents while LMFSN provides short to medium-term unsecured consumer advances to salaried employees of the public and private sectors. LHN is a non-operating holding company at the apex of the group, providing funding and strategic oversight.
In GCR’s opinion, both LMFSN and LBN operate functions without which will irreparably damage the group/parent franchise. However, in the event the level of importance of either LBN or LMFSN reduces or is viewed weaker, the ratings may be de-linked from the group ACE/ group credit profile. LHN is the holding company of the Namibia Group and operates exclusively in Namibia through its wholly owned subsidiaries LBN and LMFSN. Botswana based Letshego Holdings Limited (LHL) owns 78.46% of LHN, with the remainder being held by private investors and individuals.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCRâ€™S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCRâ€™S OPINIONS INCLUDED IN GCRâ€™S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCRâ€™S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCRâ€™S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCRâ€™S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCRâ€™S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
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