Tingo Mobile Awarded A1 Credit Rating Together with Positive Rating Outlook from Globally Recognized Credit Rating Agency, DataPro
Joins Prestigious Group of 18 Other Corporates and Banks Awarded an Investment Grade Long-Term Credit Rating of A or Above
Following Completion of Detailed Assessment and Review Process, Tingo Mobile Classified as “Low Risk” with “Very Good Financial Strength”
MONTVALE, N.J., May 24, 2023 (GLOBE NEWSWIRE) -- 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.”
About Tingo Group
Tingo Group, Inc. (NASDAQ: TIO) is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and pre-loaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore. For more information visit tingogroup.com.
The information in this news release includes certain information and statements about management and the Board's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the ability of the Company to implement certain corporate actions, the ability of the Company to complete its state of the art food processing facility, the ability of the Company to recognize the anticipated benefits from DataPro’s credit rating of Tingo Mobile, including the expansion of the Company’s business and its future growth, and the Company’s ability to complete the roll-out of additional processing facilities in the future. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Released May 24, 2023