DataPro suspends credit rating on Tingo Mobile

DATAPRO Limited, a Nigerian rating agency, has suspended its credit rating of Tingo Mobile.

The rating agency disclosed this in a statement issued on Monday, June 19 by its managing director/chief executive officer, Abimbola Adeseyoju.






     

     

    It said, “In line with International Best Practices, DataPro now suspends Tingo Mobile’s Credit Rating due to the Company’s inability to provide required additional information to sustain the Rating assigned it on Wednesday, 17th May, 2023.

    “In the past one-week, DataPro has engaged with Tingo Mobile to get clarity about its recent acquisitions and financial structure. Unfortunately, the Company has not taken advantage of the timeline for it to provide needed information that will enable us sustain the Rating assigned.”

    According to DataPro, the statement was given “without prejudice or malice,” and “is a standard rating procedure globally.”

    DataPro had earlier assigned a long-term rating of ‘A’ with a positive outlook for 2023/2024 to Tingo Mobile, The ICIR  reported.

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