Rating Release 

Agusto & Co. hereby upgrades Comercio Partners Limited’s long-term and short term ratings to “Bbb” and “A2” respectively with a stable outlook. 

The rating expires on 30 June 2027 

Agusto & Co. hereby upgrades Comercio Partners Limited’s (“CPL” or “the Company”) long-term and short term ratings to “Bbb” and “A2” respectively on account of its improved liquidity profile and good profitability metrics relative to peers. The ratings are also supported by the low leverage, enhanced capitalization metrics recorded in the review year and the experienced management team. However, the ratings remain constrained by significant owners’ involvement in governance and management, counterparty concentration, exposures to speculative and unrated entities, and reliance on price sensitive clients, which creates withdrawal and repricing risks. CPL’s ability to sustain its performance amid intense competition and persistent macroeconomic pressures was also considered.

CPL and its four subsidiaries – Comercio Partners Asset Management Limited, Comercio Partners Capital Limited, Comercio Partners Property Development Limited and Comercio Partners Trading Limited (“CPG”, or “the Group”) provide real estate, financial advisory and asset management services to investors across sub-Saharan Africa.