Fairmoney Earns BBB+ Rating From DataPro

FairMoney, a fintech operating under the parent company, MyCredit Investments Limited, has earned a vote of confidence from DataPro, the Technology-Driven Credit Rating Agency (CRA), which in its latest report affirmed a long-term rating of “BBB+” with a Stable outlook for the year 2021/2022.

In a statement, DataPro said the “BBB+” indicates slight risk just as it shows fair financial strength, operating performance and business profile when compared to the standard established by DataPro.

“This company, in our opinion, has the ability to meet its ongoing obligations, but its financial strength is vulnerable to adverse changes in economic conditions,” DataPro stated.

The DataPro Rating Committee approved the Rating after assessment of the company’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance & risk management, risk factors and future outlook of its current healthy profile in the medium to long-term period.

The rating agency pointed out that the Rating of MyCredit Investments Limited is supported by the company’s very good liquidity position, good profitability and asset quality.

MyCredit Investments limited had a short-term rating of “A2” which indicates fair credit quality and adequate capacity for timely payment of financial commitments.

DataPro noted that the rating carries a maximum shelf life of 12 calendar months, in line with international best practice. The rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. It is meant for reference purposes.