GCR Rating Alerts - View All

GCR places Nigerian Breweries Plc’s AA_(NG) / A1+_(NG) Nigerian National Scale issuer credit ratings on “Review Extension”

Lagos, 03 March 2021 – GCR Ratings (“GCR”) has placed Nigerian Breweries Plc’s national scale long and short-term issuer ratings of AA_(NG) and A1+_(NG) respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 31 March 2021.

The ratings assigned in the last review are still in effect and remain unchanged until the review process ...
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6 hours ago

GCR assigns FCMB Asset Management Limited national scale long and short-term issuer ratings of BBB+_(NG) and A2_(NG), respectively; Outlook Stable

Lagos, 02 March 2021 – GCR Ratings (“GCR”) has assigned FCMB Asset Management Limited national scale long and short-term issuer ratings of BBB+_(NG) and A2_(NG) respectively, with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
FCMB Asset Management Limited	Long Term issuer	National	BBB+_(NG)	Stable Outlook
FCMB Asset Management Limited	Short Term issuer	National	A2_(NG)	Stable Outlook

1 day ago

GCR Withdraws Jasco Electronics Holdings Limited’s national scale ratings after affirming the ratings at CC_(ZA);/C_(ZA); Negative Outlook

Rating Action

Johannesburg, 02 March 2021– GCR Ratings (“GCR”) has Withdrawn the ratings on Jasco and will no longer be providing ratings coverage. This follows affirmation of the national scale long and short-term issuer ratings assigned to Jasco Electronics Holdings Limited (“Jasco”) of CC_(ZA) and C_(ZA) respectively; Negative Outlook.

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1 day ago

GCR upgrades Dangote Cement Plc’s Long Term Issuer rating to AAA_(NG), Stable Outlook.

Lagos, Nigeria, 1 March 2021 – GCR Ratings (“GCR”) has upgraded the long-term Issuer rating of Dangote Cement Plc to AAA_(NG), and affirmed the short-term Issuer rating of A1+_(NG), with the Outlook accorded as Stable. Concurrently, GCR has upgraded the long-term Issue rating accorded to the existing N100bn Series 1 Senior Unsecured Bonds to AAA_(NG).

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2 days ago

GCR places CICA Re’s financial strength ratings on “Review Extension”

Rating action

Johannesburg, 26 February 2021 – GCR Ratings (“GCR”) has placed Joint Reinsurance Company of Member States of CIMA’s (“CICA Re”) national scale financial strength rating of AAA_(TG) and international scale financial strength rating of BB+ on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating results by 31 March 2021. The ratings assigned in the ...
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5 days ago

GCR affirms Assurances Réassurances Omnibranches’ national scale financial strength rating of AA_(MG); Outlook Stable

Rating action

Johannesburg, 26 February 2021 – GCR Ratings (“GCR”) has affirmed Assurances Réassurances Omnibranches’ (“ARO”) national scale financial strength rating of AA_(MG); Outlook Stable.

Rated entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Assurances Réassurances Omnibranches	Financial strength	National	AA_(MG)	Stable Outlook

Rating rationale

The rating of ARO reflects the entity’s entrenched market position, very ...
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5 days ago

GCR affirms A1+_(ZA)(sf) rating assigned to the Notes issued by iMpumelelo CP Note Programme 1 (RF) Ltd

Rating Action

Johannesburg, 25 February 2021 – GCR Ratings (“GCR”) has affirmed the national scale short-term Programme credit rating of ‘A1+_(ZA)(sf)’ assigned to the Asset Backed Commercial Paper (“ABCP” or the “Notes”) issued by iMpumelelo CP Note Programme 1 (RF) Ltd (“iMpumelelo” or the “Issuer”) from time to time under the Issuer’s R10bn hybrid Serialised Note Programme (the “Programme”).

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6 days ago

GCR assigns A_(ZA)(EL) ratings to Accelerate’s new secured note issuance; Outlook Negative

Rating Action

Johannesburg, 24 February 2021 – GCR Ratings (“GCR”) has assigned national scale long term issue ratings of A_(ZA)(EL) to the APF15 Notes issued by Accelerate Property Fund Limited (“Accelerate”, or “the REIT”). Concurrently, GCR has affirmed the long-term issue ratings of A_(ZA)(EL) assigned to the existing Senior Secured Notes. The Outlook on the ratings is Negative.

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1 week ago

GCR assigns the County Government of Laikipia a national scale long-term issuer rating of BB+_(KE); Outlook Stable.

Nairobi, 23 February 2021 – GCR Ratings (“GCR”) has assigned the County Government of Laikipia (“Laikipia”) a national scale long-term issuer rating of BB+_(KE), with the Outlook accorded as Stable. At the same time GCR has assigned a national scale short term issuer rating of B_(KE).

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
County Government ... Read More

1 week ago

GCR Research - View All

GCR expects a relatively stable Kenyan insurance sector in 2021, despite covid-19 uncertainty

GCR rates 21 insurers in the Kenyan insurance industry out of the 67 insurers and reinsurers licensed and regulated by the Insurance Regulatory Authority (“IRA”). The GCR rated sample constitutes ... Read More

How does the somewhat inconsistent approach to Government support impact South African State-Owned Enterprise creditworthiness?

GCR believes that the Government of South Africa continues to show a strong willingness to support SOEs in most instances. However, because of constrained resources, actual support is becoming less ... Read More

New insurance law likely to have a positive impact on the Ghanaian insurance industry

In February 2021 the Ghanaian president signed into law the new Insurance Bill, 2020 which includes the introduction of three additional compulsory covers: group life for employees, public liability, and ... Read More

GCR publishes the Country Risk Score for Gabon and Senegal

GCR Ratings (“GCR”) has published the Country Risk Score for Gabon and Senegal. The Country Risk assessment, which is a key part of the operating environment score, interacts with GCR ... Read More

GCR Credit Research: GCR Risk Score Snapshot as of 10th Feb 2021

The GCR Ratings Framework is anchored upon the GCR Risk Score. This numerical scoring system, which forms a single analytical approach across multiple sectors (including Financial Institutions, Insurance Companies, Corporates, ... Read More

GCR publishes the Insurance Sector Risk Score for Nigeria

The Insurance sector risk score (ranging from 0 to 15) is a key factor in the operating environment component score. The core of the GCR Ratings Framework is based on ... Read More

Premium research: Latest releases - view more

New National Assurance Company Limited

New National Assurance Company Limited’s (“NNAC”) national scale financial strength was affirmed with a Stable Outlook, reflecting support from very strong liquidity, while risk adjusted capitalisation was maintained within a rating adequate range, and both metrics are viewed to have ...
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Renasa Insurance Company Limited

Mar 2, 2021

The national scale financial strength rating for Renasa Insurance Company Limited (“Renasa”) is anchored by strong liquidity, balancing intermediate capitalisation and constrained earnings capacity. The business profile is credit negative given limited premium and geographic diversification. The insurer’s business profile ...

County Government of Laikipia

Feb 23, 2021

The ratings on Laikipia balance low levels of leverage, increasing own sources of revenue (“OSR”) generation and ongoing government support counterbalanced by its relatively small and undiversified status, high wage bill and relatively low development expenditure absorption and somewhat constrained ...

Goldstar Insurance Company Limited

Feb 22, 2021

The rating affirmation reflects the insurer’s very strong financial profile, characterised by very strong risk adjusted capitalisation and liquidity, while the strong earnings capacity assessment factors in an expected normalisation in underwriting profitability and continued sound net earnings. Goldstar Insurance ...

Bankmed

Feb 19, 2021

Bankmed’s national scale financial strength rating reflects the scheme’s very strong solvency and strong liquidity, albeit restrained by high sectoral concentration and intermediate earnings. Bankmed’s capitalisation remained a key rating strength, consistently trending within a very strong range, with a ...