RATING RELEASE

Agusto & Co. upgrades the rating of Africa Plus Partners Limited (APPL or ‘the Manager’) to A-(IM).

The rating expires on June 23, 2022.

The rating reflects the Manager’s satisfactory research capabilities, extensive deal analysis and good decision-making process with oversight from highly experienced committee members and Africa Finance Corporation (AFC). We also note positively APPL’s growing operational track, with the execution of two additional projects and the successful refinance of the Manager’s Hostel project in the review period. However, the rating remains constrained by APPL’s exposure to key person risk across two principal functions. The rating also takes into consideration the Manager’s growing exposure to more specialist and high-risk sectors as well as the weak macroeconomic environment.