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    Ratings Coverage

    • Southern Africa ( 295 )
      • Botswana ( 5 )
        • Banks & Non-Bank Financial Institutions ( 1 )
        • Insurance ( 4 )
      • Namibia ( 9 )
        • Banks & Non-Bank Financial Institutions ( 7 )
        • Corporate ( 1 )
        • Insurance ( 1 )
      • South Africa ( 245 )
        • Banks & Non-Bank Financial Institutions ( 24 )
        • Corporate ( 62 )
        • Public Sector ( 5 )
        • Insurance ( 35 )
        • Fund Rating ( 24 )
        • Structured and Finance Securitisation ( 95 )
      • Eswatini ( 1 )
        • Insurance ( 1 )
      • Zimbabwe ( 35 )
        • Banks & Non-Bank Financial Institutions ( 17 )
        • Insurance ( 18 )
    • Eastern Africa ( 109 )
      • Kenya ( 52 )
        • Banks & Non-Bank Financial Institutions ( 9 )
        • Corporate ( 12 )
        • Public Sector ( 6 )
        • Insurance ( 25 )
      • Madagascar ( 1 )
        • Insurance ( 1 )
      • Malawi ( 2 )
        • Insurance ( 2 )
      • Mauritius ( 25 )
        • Banks & Non-Bank Financial Institutions ( 23 )
        • Insurance ( 2 )
      • Mozambique ( 4 )
        • Insurance ( 4 )
      • Rwanda ( 4 )
        • Banks & Non-Bank Financial Institutions ( 3 )
        • Insurance ( 1 )
      • Tanzania ( 9 )
        • Insurance ( 9 )
      • Uganda ( 6 )
        • Banks & Non-Bank Financial Institutions ( 1 )
        • Insurance ( 5 )
      • Zambia ( 4 )
        • Insurance ( 4 )
      • Comoros ( 1 )
        • Insurance ( 1 )
      • Ethiopia ( 1 )
        • Insurance ( 1 )
    • Western Africa ( 196 )
      • Burkina Faso ( 2 )
        • Insurance ( 2 )
      • Cote D Ivoire ( 1 )
        • Insurance ( 1 )
      • Ghana ( 9 )
        • Banks & Non-Bank Financial Institutions ( 3 )
        • Insurance ( 6 )
      • Nigeria ( 180 )
        • Banks & Non-Bank Financial Institutions ( 72 )
        • Corporate ( 92 )
        • Public Sector ( 2 )
        • Insurance ( 11 )
        • Fund Rating ( 1 )
        • Structured and Finance Securitisation ( 2 )
      • Togo ( 1 )
        • Insurance ( 1 )
      • Benin ( 1 )
        • Insurance ( 1 )
      • Senegal ( 1 )
        • Insurance ( 1 )
      • Sierra Leone ( 1 )
        • Insurance ( 1 )
    • Central Africa ( 2 )
      • Cameroon ( 1 )
        • Insurance ( 1 )
      • Gabon ( 1 )
        • Insurance ( 1 )
    • Northern Africa ( 3 )
      • Egypt ( 2 )
        • Banks & Non-Bank Financial Institutions ( 2 )
      • Sudan ( 1 )
        • Banks & Non-Bank Financial Institutions ( 1 )

    Rating Announcements

    Announcement CompanyName Issue Name National Scale (Primary) National Scale (Secondary) International Scale (Primary) Date .
    CompanyName IssueName National_Primary_Rating National_Secondary_Rating International_Primary_Rating RA_Date
    The Company for Habitat and Housing in Africa (Mauritius) -- Long Term Rating: BB(MU); Outlook: Stable Short Term rating: B(MU); Outlook: Stable Long Term rating: B-; Outlook: Stable 2022-06-30
    The Company for Habitat and Housing in Africa (Nigeria) -- Long Term Rating: AA(NG); Outlook: Stable Short Term rating: A1+(NG); Outlook: Stable Long Term rating: B-; Outlook: Stable 2022-06-30
    The Company for Habitat and Housing in Africa (Nigeria) Series 1 Tranche A Senior Unsecured Notes Long Term Rating: AA(NG); Outlook: Stable -- -- 2022-06-30
    The Company for Habitat and Housing in Africa (Nigeria) Series 1 Tranche B Senior Unsecured Notes Long Term Rating: AA(NG); Outlook: Stable -- -- 2022-06-30
    The Company for Habitat and Housing in Africa (Shelter Afrique) -- Long Term Rating: A+(KE); Outlook: Stable Short Term rating: A1(KE); Outlook: Stable Long Term rating: B-; Outlook: Stable 2022-06-30
    Chubb Insurance South Africa Limited -- FS rating: AA(ZA); Outlook: Positive -- -- 2022-06-30
    Fidson Healthcare Plc -- Long Term Rating: A(NG); Outlook: Stable Short Term rating: A1(NG); Outlook: Stable -- 2022-06-30
    Guinness Nigeria Plc -- Long Term Rating: AA+(NG); Outlook: Stable Short Term rating: A1+(NG); Outlook: Stable -- 2022-06-30
    Novare Fund Manager Nigeria Limited -- Long Term Rating: BBB+(NG); Outlook: Stable Short Term rating: A2(NG); Outlook: Stable -- 2022-06-30
    GCR upgrades ICEA LION General’s national scale financial strength rating to AAA(KE) from AA-(KE) following credit uplift from the consolidation of ICEA LION Insurance Holdings Limited group; Outlook Stable

    Rating action Johannesburg, 30th June 2022 – GCR Ratings (“GCR”) has upgraded ICEA LION General Insurance Company Limited’s (“ICEA LION General”) national scale financial strength rating to AAA(KE) from AA-(KE); with the Outlook revised to Stable from Positive. Rated entity Rating class Rating scale Rating Outlook/Watch ICEA LION General Insurance Company Limited Financial strength National...

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    4 days ago
    GCR upgrades Letshego Ghana’s long-term national scale issuer and issue ratings to BBB-(GH) with a Stable outlook.

    Rating Action Johannesburg, 30 June 2022 – GCR Ratings (“GCR”) has upgraded Letshego Ghana Savings and Loans PLC’s national scale long and short-term issuer ratings to BBB-(GH) / A3(GH) from of BB+(GH) / B(GH) respectively, with a Stable Outlook. Concurrently, the national scale long term issue ratings of the senior unsecured notes under the Medium-Term...

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    4 days ago
    GCR upgrades ICEA LION Life’s Kenyan financial strength rating to AAA(KE) from AA(KE) following credit uplift from the consolidation of ICEA LION Insurance Holdings Limited group; Outlook Stable

    Rating action Johannesburg, 30th June 2022 – GCR Ratings (“GCR”) has upgraded ICEA LION Life Assurance Company Limited’s (“ICEA LION Life”) national scale financial strength rating to AAA(KE) from AA(KE); with the Outlook maintained as Stable. Rated entity Rating class Rating scale Rating Outlook/Watch ICEA LION Life Assurance Company Limited Financial strength National AAA(KE) Stable...

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    4 days ago
    GCR affirms MTN Nigeria Communications Plc’s national scale long-term Issuer rating of AAA(NG), Outlook: Stable.

    Lagos, Nigeria, 30 June 2022 – GCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings of AAA(NG) and A1+(NG) respectively accorded to MTN Nigeria Communications Plc, with the Outlook accorded as Stable. Concurrently, GCR has affirmed the national scale long term Issue rating of AAA(NG) accorded to each of MTN Nigeria...

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    4 days ago
    GCR affirms Nova Merchant Bank Limited’s National Scale Long and Short-term Issuer Ratings of BBB(NG)/A3(NG); Outlook Stable

    Lagos, 30 June 2022 – GCR Ratings (“GCR”) has affirmed Nova Merchant Bank Limited’s national scale long and short-term ratings of BBB(NG) and A3(NG) respectively, with a Stable Outlook. Rated Entity Rating class Rating scale Rating Outlook Nova Merchant Bank Limited Long Term Issuer National BBB(NG) Stable Outlook Short Term Issuer National A3(NG) Rating rationale...

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    4 days ago
    GCR affirms East Africa Reinsurance Company Limited’s international and national scale financial strength ratings of B and AA-(KE) respectively; Outlooks Stable

    Rating action Nairobi, 30th June 2022 – GCR Ratings (“GCR”) has affirmed East Africa Reinsurance Company Limited’s (“EA Re”) international scale financial strength rating of B, Outlook Stable. At the same time, GCR affirmed EA Re’s national scale financial strength of AA-(KE), Outlook Stable. Rated entity / Issue Rating class Rating scale Rating Outlook/Watch East...

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    4 days ago
    GCR accords an Indicative Rating of AAA(IR) to InfraFunding SPV Limited’s proposed N800m Series 2 (Tranche A) Guaranteed Fixed Rate Senior Infrastructure Bonds, Outlook Stable.

    Lagos, Nigeria, 30 June 2022 – GCR Ratings (“GCR”) has assigned a national scale long term indicative Issue rating of AAA(NG)(IR)) to InfraFunding SPV Limited’s N800m Series 2 (Tranche A) Guaranteed Fixed Rate Senior Infrastructure Bonds, with the Outlook accorded as Stable. Rated Issue Rating class Rating scale Rating Outlook N800m Series 2 (Tranche A)...

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    4 days ago
    GCR affirms RA International’s national scale ratings at AAA(KE)/ A1+(KE) despite some financial weakness

    Rating Action Johannesburg, 30 June 2022 – GCR Ratings (“GCR”) has affirmed RA International FZCO (UAE)’s national scale Issuer ratings at AAA(KE) and A1+(KE) for the long and short term respectively. The outlook on the ratings remains ‘Stable’. Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch RA International FZCO (UAE) Long...

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    4 days ago
    GCR places Ecobank Ghana Limited’s national scale issuer ratings of A+(GH)/A1(GH) on ‘Review Extension’

    Rating action Johannesburg, 29 June 2022 – GCR Ratings (“GCR”) has placed Ecobank Ghana Limited’s national scale long and short term issuer ratings of A+(GH) and A1(GH) respectively on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated ratings by 29 July 2022. The ratings assigned in the last...

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    4 days ago
    GCR affirms Chubb Insurance South Africa Limited’s South African financial strength rating of AA(ZA); Outlook revised to Positive

    Rating action Johannesburg, 30th June 2022 – GCR Ratings (“GCR”) has affirmed Chubb Insurance South Africa Limited’s (“Chubb SA”) national scale financial strength rating of AA(ZA), with a Positive Outlook. Rated entity Rating class Rating scale Rating Outlook/Watch Chubb Insurance South Africa Limited Financial strength National AA(ZA) Positive Outlook Rating rationale The Positive Outlook reflects...

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    4 days ago
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