GCR Rating Alerts - View All

GCR affirms Sanlam Life Insurance (Tanzania) Limited’s national scale financial strength rating of AA-_(TZ); Outlook Stable

Rating action

Johannesburg, 25 May 2022 – GCR Ratings (“GCR”) has affirmed Sanlam Life Insurance (Tanzania) Limited’s (“Sanlam Life Tanzania”) national scale financial strength rating of AA-_(TZ), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Sanlam Life Insurance (Tanzania) Limited	Financial strength	National	AA-_(TZ)	Stable Outlook

Simultaneously, the rating for ...
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11 hours ago

GCR upgrades Kenya National Police Deposit Taking SACCO Society Limited’s national scale long term issuer rating to A-_(KE) from BBB+_(KE); Outlook revised to Stable.

Rating Action

Nairobi, 25 May 2022 – GCR Ratings (“GCR”) has upgraded the Kenyan long term issuer rating assigned to Kenya National Police Deposit Taking SACCO Society Limited to A-_(KE)from BBB+_(KE)with a Stable Outlook and affirmed the short term issuer rating of A2_(KE).

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

12 hours ago

GCR Assigns Rating of AAA_(ZA)(sf) with a Stable Outlook to the Series 8 Notes Issued by MW Asset Rentals (RF) Ltd and affirms ratings of series 4,5,6 and 7 Notes

Rating Action

Johannesburg, 24 May 2022 – GCR Ratings (“GCR”) has assigned the following national scale long term issue credit rating and outlook to the following Notes issued by MW Asset Rentals (RF) Ltd (the “Issuer”), under its R2.5bn Lease Receivables Backed Note Programme (the “Transaction”), around the 23 May 2022:

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Amount ...
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1 day ago

GCR places Nova Merchant Bank Limited’s BBB_(NG)/A3_(NG) National Scale Issuer ratings on “Review Extension”

Lagos, 24 May 2022 – GCR Ratings (“GCR”) has placed Nova Merchant Limited’s national scale long and short-term issuer ratings of BBB_(NG) and A3_(NG) respectively on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating results before 30 June 2022.

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

GCR affirms Nedgroup Investments Prime Money Market Fund’s national scale fund rating of AAA_(ZA)(f); Outlook Stable.

Rating action

Johannesburg, 24 May 2022 – GCR Ratings (“GCR”) has affirmed Nedgroup Investments Prime Money Market Fund’s national scale fund rating* of AAA_(ZA)(f), with the outlook accorded as Stable.

Rated Entity	Rating class	Rating scale	Rating*	Outlook / Watch
Nedgroup Investments Prime Money Market Fund	Fund rating	National	AAA_(ZA)(f)	Stable

*	Fund ... Read More

1 day ago

GCR affirms Ninety One Corporate Money Market Fund’s national scale fund rating of AA+_(ZA)(f); Outlook Stable.

Rating action

Johannesburg, 24 May 2022 – GCR Ratings (“GCR”) has affirmed Ninety-One Corporate Money Market Fund’s national scale fund rating* of AA+_(ZA)(f), with the outlook accorded as Stable.

Rated Entity	Rating class	Rating scale	Rating*	Outlook / Watch
Ninety-One Corporate Money Market Fund	Fund rating	National	AA+_(ZA)(f)	Stable

*	Fund ratings provide ... Read More

1 day ago

GCR affirms Nedgroup Investments Money Market Fund’s national scale fund rating of AA+_(ZA)(f); Outlook Positive.

Rating action

Johannesburg, 24 May 2022 – GCR Ratings (“GCR”) has affirmed Nedgroup Investments Money Market Fund’s national scale fund rating* of AA+_(ZA)(f), with the outlook accorded as Positive.

Rated Entity	Rating class	Rating scale	Rating*	Outlook / Watch
Nedgroup Investments Money Market Fund	Fund rating	National	AA+_(ZA)(f)	Positive

*	Fund ratings provide ... Read More

1 day ago

GCR affirms Nedgroup Investments Corporate Money Market Fund’s national scale fund rating of AA+_(ZA)(f); Outlook Stable.

Rating action

Johannesburg, 24 May 2022 – GCR Ratings (“GCR”) has affirmed Nedgroup Investments Corporate Money Market Fund’s national scale fund rating* of AA+_(ZA)(f), with the outlook accorded as Stable.

Rated Entity	Rating class	Rating scale	Rating*	Outlook / Watch
Nedgroup Investments Corporate Money Market Fund	Fund rating	National	AA+_(ZA)(f)	Stable

*	Fund ... Read More

1 day ago

GCR affirms Stanbic Bank Zimbabwe Limited’s national scale issuer ratings of AA_(ZW)/A1+_(ZW) with a Stable Outlook.

Rating Action

Johannesburg, 24 May 2022 – GCR Ratings (“GCR”) has affirmed Stanbic Bank Zimbabwe Limited’s national scale long and short-term issuer ratings of AA_(ZW) and A1+_(ZW) respectively, with a Stable Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook
Stanbic Bank Zimbabwe Limited	Long Term issuer	National	AA_(ZW)	Stable Outlook
Stanbic Bank Zimbabwe Limited	Short Term issuer	National	A1+_(ZW)	Stable Outlook

2 days ago

GCR downgrades Daraju Industries Limited’s national scale long term Issuer rating to BBB-_(NG), with the Outlook accorded as Stable.

Lagos, 23 May 2022 – GCR Ratings (“GCR”) has downgraded the national scale long term Issuer rating of Daraju Industries Limited to BBB-_(NG) and affirmed the short term Issuer rating of A3_(NG), with the Outlook accorded as Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook
Daraju Industries Limited	Long Term Issuer	National	BBB-_(NG)	Stable
Daraju Industries Limited	Short ... Read More	National

2 days ago

GCR Research - View All

Nigerian Financial Institutions Comparison

GCR Ratings has published an industry report comparing the characteristics of the different categories of Nigerian Financial Institutions ... Read More

GCR Assigns Financial Institutions Sector Risk Score for Nigerian Microfinance Bank Subsector

GCR Ratings has assigned a Financial Institutions sector risk score for the Nigerian Microfinance Bank Subsector. We assigned a Risk Score of 3.0, representing a negative 0.5 adjustment from that ... Read More

GCR updates the Kenyan Sector Risk Scores

GCR Ratings has updated its Kenyan Corporate Sector Risk Scores. There has only been one change in the current review, being an increase in the Property Development Sector Score to ... Read More

Moody’s Acquires Majority Stake in GCR Ratings, AIH Confirmed as Empowerment Partner

Mauritius, May 19th, 2022 – Global Credit Rating Company Limited (GCR) is pleased to announce that Moody’s Corporation (NYSE: MCO) has acquired a majority (51%) stake in GCR. GCR is ... Read More

GCR Publishes Peer Comparatives for South Africa Short Term Insurance

The Peer Comparatives for South Africa Short Term Insurance forms part of the Short Term Insurance Peer Comparatives series, containing key metric comparatives and summarised financial synopses of insurance entities ... Read More

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Credit Rating Report: TUHF Urban Finance

The Transaction is a mortgage-backed securitisation of commercial property mortgage loans advanced to entrepreneurs in the inner-city precincts of South Africa. The mortgage loans are originated by TUHF Limited (“TUHF”, Long Term Issuer Rating of BBB-(ZA) with a Stable Outlook), ...
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Credit Rating Report: MW Asset Rentals (RF) Limited (2022-05)

May 16, 2022

MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) with R1.55bn of Class A Notes in issue. The Transaction has four Subordinated Loans outstanding with an aggregate value of R221,399,156. These are ...

Credit Rating Report: County Government of Laikipia

May 13, 2022

Laikipia’s credit profile has been bolstered by an improvement in operating performance. Both total income and own source revenue (“OSR”) declined in FY20 due to the disruptions caused by the COVID-19 pandemic. However, the County implemented programmes to support residents ...

Credit Rating Report: Jubilee Life Insurance Limited

May 12, 2022

On a stand-alone basis, we view the improvement in Jubilee Life Kenya’s 3Q F21 statutory capital adequacy ratio (“CAR”) to 150% (FY20: 124%; FY19: 118%) as credit positive. The improved solvency level creates comfortable buffers compared to the regulatory minimum ...

Credit Rating Report: The Hollard Insurance Company Limited

May 5, 2022

The Hollard group’s credit profile is bolstered by an entrenched market position, underpinned by a strong franchise in the South African short-term sector (market share of around 8%), and a fairly competitive long-term book with a stable market share of ...

GCR's RESPONSE TO COVID-19

GCR continues to monitor the ever-evolving situation surrounding the COVID-19 pandemic. The health and well-being of our staff members and all our stakeholders is of the utmost importance to us.

GCR has taken a number of precautionary measures to minimise the likelihood of transmission and impact, while our staff members have been strongly encouraged to work remotely from home.

GCR has in place secure technological platforms that will enable the best possible remote engagements with our rated issuers, the investor community and all other market participants.

GCR continues to actively monitor the countries, sectors and issue(r)s within its ratings universe, and will continue to provide timely and accurate credit ratings, alongside useful credit research regarding market developments.

GCR thanks you for your continued support and trust, particularly in these challenging times.

GCR Rating Alerts - View All

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GCR Research - View All

The Nigerian Corporate Sector: Will the rising headwinds erode recent gains?

The South African Corporate Sector – is it on the road to recovery in 2022?

Live Webinar: The South African Banking Sector: The Return of the Profits

Webinar: Islamic Finance from a Ratings Perspective.

Credit Rating Report: TUHF Urban Finance

Credit Rating Report: MW Asset Rentals (RF) Limited (2022-05)

Credit Rating Report: County Government of Laikipia

Credit Rating Report: Jubilee Life Insurance Limited

Credit Rating Report: The Hollard Insurance Company Limited