Rating Release 

Agusto & Co. hereby affirms the “Bbb-” long term and “A3” short term ratings assigned to Comercio Partners Limited with a stable outlook 

The rating expires on 30 June 2026 

Agusto & Co. hereby affirms the “Bbb-” long term and “A3” short term ratings assigned to Comercio Partners Limited (“CPL” or “the Company”). The rating reflects CPL and its subsidiaries’ (“Comercio Partners”, “CPG” or “the Group”) experienced management team, significant holdings of dollar-linked investments, which hold value over the medium term, improving profitability, low leverage and acceptable capitalisation. However, the rating is constrained by Comercio Partners’ weak liquidity profile, significant owner involvement in governance and management, sizeable counterparty concentration and exposure to unrated entities, and significant reliance on volatile and unsustainable income streams. We have also considered the Group’s ability to sustain performance and profitability metrics given the considerable contribution of volatile fair value gains to earnings.

Comercio Partners was established to carry out proprietary trading, financial advisory and asset management services, serving domestic and international investors in sub-Saharan Africa.