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GCR Rating Alerts - View All
GCR assigns Forty Two Point Two BBB+/A2, AAA(MU)/A1+(MU) and AAA(ZA)/A1+(ZA) long term and short term international and national scale ratings respectively. Outlook Stable

Rating Action

Ebene, 22 April 2021 – GCR Ratings (“GCR”) has assigned Mauritian and South African national scale long and short-term issuer ratings to Mauritius based Forty Two Point Two of AAA(MU)/A1+(MU) and AAA(ZA)/A1+(ZA), respectively, both with a Stable Outlook. At the same time, GCR has assigned international scale long and short-term issuer ratings to Forty Two Point Two of BBB+/ A2, also with ...
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5 hours ago
GCR affirms Sizwe’s national scale financial strength rating of A+(ZA) after court dismissal of curatorship application and approved amalgamation with Hosmed; Stable Outlook

Rating action

Johannesburg, 22 April 2021 – GCR Ratings (“GCR”) has affirmed Sizwe Medical Fund’s (“Sizwe”) national scale financial strength rating of A+(ZA), with the Stable Outlook.

Rated Entity / Issue Rating class Rating scale Rating Outlook/Watch
Sizwe Medical Fund Financial strength National A+(ZA) Stable Outlook

Rating rationale

Sizwe’s national scale financial strength rating balances the scheme’s ...
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5 hours ago
GCR accords an Indicative BBB(NG)(IR) National Scale Rating to Daraju Industries Funding Plc’s proposed N10bn Series 1 Senior Unsecured Bond Issue.

Lagos, Nigeria, 19 April 2021 – GCR Ratings (“GCR”) has assigned a national scale long term indicative rating of BBB(NG)(IR) to Daraju Industries Funding Plc’s proposed N10bn Series 1 Senior Unsecured Bonds. The Outlook on the rating is Stable.

...
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Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
N10bn Series 1 Bond Long Term Issue National BBB(NG)(IR)*
3 days ago
GCR affirms DHMS’s national scale financial strength rating of AAA(ZA) on sustained credit profile strength; Outlook Stable

Rating action

Johannesburg, 16 April 2021 – GCR Ratings (“GCR”) has affirmed Discovery Health Medical Scheme’s (“DHMS”) national scale financial strength rating of AAA(ZA), with a Stable Outlook.

Rated Entity / Issue Rating class Rating scale Rating Outlook/Watch
Discovery Health Medical Scheme Financial strength National AAA(ZA) Stable Outlook

Rating rationale

DHMS’s national scale financial strength rating reflects ...
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6 days ago
GCR Assigns an Indicative Rating of BBB-(NG)(IR) to WSTC Financing SPV Plc’s Proposed N5bn Series 1 Senior Unsecured Bonds

Lagos, 16 April 2021 – GCR Ratings (“GCR”) has assigned a national scale long term indicative rating of BBB-(NG)(IR) to WSTC Financing SPV Plc’s proposed N5bn Series 1 Senior Unsecured Bonds, with a Stable Outlook.

...
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Issue Rating class Rating scale Rating Outlook / Watch
Up to N5bn Series 1 Senior Unsecured Long term issuer National BBB-(NG)(IR)* Stable Outlook
6 days ago
GCR Affirms WSTC Financial Services Limited’s National Scale Long and Short-term Issuer Ratings of BBB-(NG)/A3(NG); Outlook Stable.

Lagos, 16 April 2021 – GCR Ratings (“GCR”) has affirmed WSTC Financial Services Limited’s national scale long-term and short-term ratings of BBB-(NG) and A3(NG) respectively, with a Stable Outlook.

Rated Entity Rating class Rating scale Rating Outlook / Watch
WSTC Financial Services Limited Long Term issuer National BBB-(NG) Stable Outlook
Short Term issuer National A3(NG)
...
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6 days ago
GCR upgrades Nigerian Breweries Plc’s national scale long-term Issuer rating to AA+(NG), Outlook Stable.

Lagos, Nigeria, 09 April 2021 – GCR Ratings (“GCR”) has upgraded the national scale long term and short term Issuer ratings of Nigerian Breweries Plc to AA+(NG) and A1+(NG), respectively, from AA(NG) and A1+(NG), with the Outlook accorded as Stable.

...
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Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
Nigerian Breweries Plc Long Term Issuer National AA+(NG)
2 weeks ago
GCR upgrades Family Homes Funds Limited’s Long Term Issuer rating to BBB+(NG), Stable Outlook.

Lagos, Nigeria, 9 April 2021 – GCR Ratings (“GCR”) has upgraded the national scale long-term and short-term Issuer ratings of Family Homes Funds Limited to BBB+(NG) and A2(NG) respectively, with the Outlook accorded as Stable.

...
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Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
Family Homes Funds Limited Long Term Issuer National BBB+(NG) Stable Outlook
2 weeks ago
GCR affirms Compass Insure’s national scale financial strength rating of AA(ZA); Outlook Stable

Rating action

Johannesburg, 09 April 2021 – GCR Ratings (“GCR”) has affirmed Compass Insurance Company Limited’s (“Compass Insure”) national scale financial strength rating of AA(ZA), with a Stable Outlook.

Rated Entity / Issue Rating class Rating scale Rating Outlook/Watch
Compass Insurance Company Limited Financial strength National AA(ZA) Stable Outlook

Rating rationale

Compass Insure’s rating affirmation reflects the ...
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2 weeks ago
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GCR Research - View All
GCR reviews insurance sector risk scores, assigns first-time risk scores to Gabon, Senegal and Togo
GCR Ratings has reviewed insurance sector risk scores and increased the risk scores for Burkina Faso and Kingdom of Eswatini. At the same time, first-time insurance sector risk scores have ... Read More
GCR Commentary: Ghana’s 5% Financial Sector clean-up levy set to moderate bank profitability
The 2021 budget statement presented to the Ghanaian parliament on 12 March proposed the introduction of a financial sector clean-up levy of 5% of banks’ profit before tax, intended to ... Read More
A Moderately Less Bleak House; GCR’s 2021 outlook for South African REITs
GCR believes that South African REITs’ performance fundamentals will remain under pressure in 2021. However, if less restrictive COVID-19 lockdown levels remain in place, short-term operating risks should ease and ... Read More
GCR publishes its 2020 Transition and Default Studies
GCR has today published its annual South African Transition and Default Study, which includes all GCR’s South African national scale and international scale entity ratings from 2001 to 2020. In ... Read More
GCR updates the South African Sector Risk Scores
GCR Ratings has updated its South African Corporate Sector Risk Scores. The negative impact of COVID-19 had been taken into account in the reviews conducted in 2020. Overall, the outcome ... Read More
GCR Releases a Frequently Asked Questions Publication on State Owned Entities
GCR Ratings has released a Frequently Asked Questions (“FAQ”) publication on State Owned Entities (“SOEs”). The publication applies to issuer credit ratings and issue credit ratings (on both national and ... Read More
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Premium research: Latest releases - view more

Credit Rating Report: Uganda Reinsurance Company

Credit Rating Report: Uganda Reinsurance Company

Earnings capacity is expected to persist within an intermediate range, albeit under pressure, reflecting underwriting profit dilution from less profitable growth. Underwriting margin compression is largely expected from premium advancement in the medical line, which exhibits high loss volatility, offsetting ...
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Industry Report: A Moderately Less Bleak House; GCR’s 2021 outlook for South African REITs

Industry Report: A Moderately Less Bleak House; GCR’s 2021 outlook for South African REITs

Apr 15, 2021
GCR believes that South African REITs’ performance fundamentals will remain under pressure in 2021. However, if less restrictive COVID-19 lockdown levels remain in place, short-term operating risks should ease and allow for greater stability, although the longer-term trajectory is dependent ...
Urban Ubomi 1 (RF) Ltd

Urban Ubomi 1 (RF) Ltd

Apr 14, 2021
The credit ratings accorded to the Class A Notes relate to timely payment of interest and ultimate payment of principal by Final Maturity Date. The ratings accorded to the Class B and Class C Notes relate to ultimate payment of ...
TUHF Urban Finance (RF) Ltd

TUHF Urban Finance (RF) Ltd

Apr 14, 2021
GCR Ratings (“GCR”) affirmed the long-term issue credit rating of the Class A1 Notes and upgraded the long-term issue credit rating of the Class B Notes issued by TUHF Urban Finance (RF) Ltd (the “Issuer”), under its R2bn Mortgage Loan-Backed ...
Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

Apr 14, 2021
The Dashboard covers the period from May 2018 to February 2021 and is part of GCR’s performance monitoring process and does not constitute rating action or rating reports. GCR will update the Dashboards at least on a quarterly basis. Read ...

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East Africa Outlook

East Africa Outlook

GCR Ratings Coverage

GCR Ratings Coverage

  • Southern Africa ( 269 )
    • Botswana ( 7 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 6 )
    • Namibia ( 7 )
      • Banks & Non-Bank Financial Institutions ( 6 )
      • Corporate & Public Sector Debt ( 1 )
    • South Africa ( 231 )
      • Banks & Non-Bank Financial Institutions ( 18 )
      • Corporate & Public Sector Debt ( 73 )
      • Insurance ( 23 )
      • Medical ( 10 )
      • Structured and Finance Securitisation ( 80 )
    • Swaziland ( 1 )
      • Insurance ( 1 )
    • Zimbabwe ( 23 )
      • Banks & Non-Bank Financial Institutions ( 9 )
      • Insurance ( 14 )
  • Eastern Africa ( 70 )
    • Kenya ( 36 )
      • Banks & Non-Bank Financial Institutions ( 8 )
      • Corporate & Public Sector Debt ( 6 )
      • Insurance ( 19 )
    • Madagascar ( 1 )
      • Insurance ( 1 )
    • Malawi ( 1 )
      • Insurance ( 1 )
    • Mauritius ( 3 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 2 )
    • Mozambique ( 2 )
      • Insurance ( 2 )
    • Rwanda ( 5 )
      • Banks & Non-Bank Financial Institutions ( 4 )
      • Insurance ( 1 )
    • Tanzania ( 11 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 9 )
    • Uganda ( 9 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 6 )
      • Structured and Finance Securitisation ( 1 )
    • Zambia ( 2 )
      • Insurance ( 2 )
  • Western Africa ( 149 )
    • Burkina Faso ( 1 )
      • Insurance ( 1 )
    • Cote D Ivoire ( 2 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 1 )
    • Ghana ( 10 )
      • Banks & Non-Bank Financial Institutions ( 5 )
      • Insurance ( 5 )
    • Nigeria ( 134 )
      • Banks and Non-Bank Financial Institutions ( 49 )
      • Corporate & Public Sector Debt ( 48 )
      • Insurance ( 7 )
      • Structured and Finance Securitisation ( 7 )
    • Togo ( 1 )
      • Insurance ( 1 )
    • Benin ( 1 )
      • Insurance ( 1 )
  • Central Africa ( 1 )
    • Cameroon ( 1 )
      • Insurance ( 1 )
  • Northern Africa ( 2 )
    • Egypt ( 2 )
      • Banks and Non-Bank Financial Institutions ( 2 )

GCR Country Risk Scores

Country & Sector Risk Scores

To view GCR's country & sector risk scores, simply hover over a country marked in red.....

To expand the map, or see more information, please click on any of the countries above.

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COVID-19

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.

COVID-19 Resource Portal
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