Creditreform Rating AG has confirmed the A rating with a stable outlook for the GLS Senior Notes (ISIN: XS2381363691) issued by the Regional MSME Investment Fund for Sub-Saharan Africa SA, SICAV-SIF.
The confirmation reflects the continued robustness of the Fund’s structure, the experience of its management team, and the characteristics of the Notes, which remain direct, unsecured and unsubordinated liabilities of the issuer.
Key positive factors include stable fund-level structures, a strong investment team, high indirect collateralisation through coupon surpluses and liability ranking, and a broadly diversified portfolio.
Constraints remain linked to broad investment criteria, limited transparency of underlying loan portfolios, and higher credit risks inherent to emerging and developing markets.
The stable outlook is supported by scenario analyses that keep the Notes within the A category under favourable conditions, with a potential shift to BBB- under adverse scenarios.
ESG factors were identified but did not materially affect the rating.
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About Regmifa
Launched in 2010, the REGMIFA Fund is a blended finance initiative that attracts both public and private investors seeking impactful ventures with risk-adjusted returns. Since its inception, the Fund has generated USD 670 million in investments across Sub-Saharan Africa, impacting over 2 million micro-entrepreneurs. A parallel Technical Assistance Facility provides tailored technical and institutional support to REGMIFA’s partner institutions, enhancing their capacity and effectiveness. regmifa.com
About Symbiotics
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, we have originated over 8,200 investments representing more than USD 10.5 billion for 608 companies in 99 countries. We manage an aggregate portfolio of USD 2.5 billion spread across 19 funds and mandates. Our portfolio companies have also benefited from over 170 technical assistance projects worth more than USD 19 million
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