GCR Rating Alerts - View All

GCR upgrades Resilient REIT’s issuer rating to AA_(ZA) on conservative financial profile; Outlook Stable

Rating Action

Johannesburg, 17 September 2020 – GCR Ratings (“GCR”) has upgraded Resilient REIT Limited’s (“Resilient” or “the REIT”) national scale long-term issuer rating to AA_(ZA), from AA-_(ZA)previously. At the same time, Resilient’s national scale short term issuer rating has been affirmed at A1+_(ZA). The ratings remain on Stable Outlook.

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2 days ago

GCR affirms Investec Property Fund’s A+_(ZA) rating following operating environment assessment review, Outlook Evolving

Rating Action

Johannesburg, 17 September 2020 – GCR Ratings (“GCR”) has affirmed Investec Property Fund Limited’s (“IPF”) long and short term national scale issuer ratings of A+_(ZA) and A1_(ZA) respectively, with the Evolving outlook maintained.

Rated Entity	Rating class	Rating scale	Rating	Outlook / Watch
Investec ... Read More

2 days ago

GCR affirms Fortress’ AA-_(ZA) issuer rating after reviewing operating environment assessment; Outlook Stable

Rating Action

Johannesburg, 17 September 2020 – GCR Ratings (“GCR”) has affirmed Fortress REIT Limited’s (“Fortress”) long and short term national scale issuer ratings of AA-_(ZA) and A1+_(ZA) respectively, with a Stable Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook / Watch
Fortress REIT Limited	Long Term Issuer	National	AA-_(ZA)	Stable Outlook
Fortress REIT Limited	Short Term Issuer	National		Stable Outlook

2 days ago

GCR places Dipula’s issuer rating of BBB_(ZA) on Negative Outlook after operating environment assessment review

Rating Action

Johannesburg, 17 September 2020 – GCR Ratings (“GCR”) has affirmed Dipula income Fund Limited’s (“Dipula”) long and short term national scale issuer ratings of BBB_(ZA) and A3_(ZA) respectively, with a Negative Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook / Watch
Dipula Income Fund Limited	Long Term Issuer	National	BBB_(ZA)	Negative Outlook
Dipula Income Fund Limited	Short ... Read More			Negative Outlook

2 days ago

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

Rating Action

Johannesburg, 16 September 2020 – GCR Ratings (“GCR”) has assigned national scale long term issue ratings to the APF13 Notes issued by Accelerate Property Fund Limited (“Accelerate”, “the REIT” or “the issuer”) of A_(ZA)(EL). Concurrently, GCR has affirmed the long-term issue ratings of A_(ZA)(EL) assigned to the existing Senior Secured Notes. The Outlook on all the ratings is Negative. The APF11 Notes ...
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3 days ago

GCR assigns Letshego Bank Namibia Limited national scale issuer ratings of A_(NA)/A1_(NA); Outlook Stable

Rating Action

Johannesburg, 16 September 2020 – GCR Ratings (“GCR”) has assigned Letshego Bank Namibia Limited national scale long term and short term issuer ratings of A_(NA) and A1_(NA) respectively, with a Stable Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook/Watch
Letshego Bank Namibia Limited	Long Term issuer	National	A_(NA)	Stable Outlook
Letshego Bank Namibia Limited	Short Term issuer	National	A1_(NA)	Stable Outlook

3 days ago

GCR affirms Lidwala Insurance Company Limited’s national scale financial strength rating of A_(SW); Outlook Stable

Rating action

Johannesburg, 15 September 2020 – GCR Ratings (“GCR”) has affirmed Lidwala Insurance Company Limited’s (“Lidwala Insurance”) national scale financial strength rating of A_(SW), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Lidwala Insurance Company Limited	Financial strength	National	A_(SW)	Stable Outlook

Rating rationale

Lidwala Insurance’s national scale ...
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4 days ago

GCR places Steward Bank Limited’s issuer ratings under ‘Review Extension’

Rating Action

Johannesburg, 14 September 2020 – GCR Ratings (“GCR”) has placed Steward Bank Limited’s national scale long term and short term issuer ratings of BBB_(ZW) and A3_(ZW), respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 31^st October 2020. The ratings affirmed in the last review are still in effect and remain ...
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5 days ago

GCR affirms Hosmed Medical Scheme’s national scale financial strength rating of A-_(ZA); Outlook Evolving

Rating action

Johannesburg, 11 September 2020 – GCR Ratings (“GCR”) has affirmed Hosmed Medical Scheme’s (“Hosmed”) national scale financial strength rating of A-_(ZA), with the Outlook accorded as Evolving.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Hosmed Medical Scheme	Financial strength	... Read More

1 week ago

GCR Research - View All

GCR Commentary: HY20, Domestic Risks Appear Well Controlled So Far, External Exposure May be the Key Differentiator in the FY Performance of Mauritian Banks

The open economy of Mauritius is particularly susceptible to the global response to the COVID-19 pandemic. Domestic corporate debt is also considered to be quite high and external risk is ... Read More

South African Banks top tier interims reveal the first of the COVID-19 fallout but in-line with rating expectations

Based on the recent interim results, key credit metrics are, so far, broadly in line with GCR’s expectations for the top tier South African banks. GCR projected credit costs to ... Read More

GCR Ratings recognised as an External Credit Assessment Institution by the Bank of Mauritius

GCR Ratings is very pleased to announce that it has been recognised as an ECAI by the Bank of Mauritius, under the Direct Recognition method in the corporate segment. This ... Read More

GCR broadens its Property Sector Risk score base to include selected European regional groupings

GCR Ratings has broadened its Commercial Property Sector Risk score base to include selected European territory groupings. Concurrently, GCR has also revised Spain’s Property Risk Score to 7.75, from 8.00 ... Read More

GCR places South African commercial property on Negative Trend as fragile economy continues to drive high asset, liquidity and funding risk

GCR has placed Commercial Real Estate on Negative Trend to reflect the sector's vulnerability to the vagaries of a protracted recessionary climate. We expect structural limitations of the domestic economy ... Read More

GCR expects Namibian banks to rely on solid capital and oligopolistic market characteristics to weather the COVID-19 storm

The strong capitalisation and oligopolistic characteristics of the Namibian banking sector is expected to enable them to cope with rising asset risk, at least over the short to medium term ... Read More

Premium research: Latest releases - view more

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

The Dashboard covers the period from November 2018 to August 2020 and is part of GCR’s performance monitoring process and does not constitute rating action or ratings reports. GCR will update the Dashboard at least on a quarterly basis ...
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South African Securitisation Programme (RF) Limited Series 3 (Monitoring Dashboard)

Sep 18, 2020

The Dashboard exhibits performance metrics related to the South African Securitisation Programme (RF) Ltd – Series 3 transaction, which include credit enhancement levels, excess spread, defaults, recoveries and covenants ...

MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

Sep 11, 2020

For July 2020, the 3 Month Average NPL / NPV of Leases, early amortisation trigger was reported at 2.97% marginally close to the 3% covenant. Reflecting an increase in arrears, in line with the current economic environment. ...

Global Equity Investments Ltd (Monitoring Dashboard)

Sep 10, 2020

The Dashboard was updated in September 2020 and is part of GCR’s monitoring process and does not constitute rating action. GCR will update the Dashboard at least on a quarterly basis ...

PSG Financial Services Limited

Sep 9, 2020

The rating downgrade is in anticipation of the planned unbundling of PSG Financial Services Limited (“PSGFS”) stake in Capitec Bank Holdings Limited. At the prior rating review in December 2019, Capitec was valued at R48bn and accounted for over 70% ...