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Moody's assigns Togo-based Oragroup first-time issuer ratings

Moody's on Aug. 8 assigned Togo-based Oragroup SA first-time long- and short-term local- and foreign-currency issuer ratings of Caa1/Not Prime, with a positive outlook on the long-term rating.

The agency also assigned the African bank holding company "b3" baseline and adjusted baseline credit assessments.

The company was assigned a positive outlook.

The ratings reflect the agency's assessment of Oragroup's sound profitability and deposit-based funding, as well as its solid liquidity. However, the firm's weak asset quality and challenging regional conditions counterbalance the aforementioned positives, Moody's said.

The positive outlook denotes the rating agency's expectation that the company's solvency profile will gradually improve, with stronger asset quality and capitalization.

Oragroup, which has a presence in 12 countries through ownership of shares in several African banks, had total assets of $3.1 billion as of December 2017, Moody's said.