GCR Rating Alerts - View All

GCR affirms The Heritage Insurance Company Kenya Limited’s national scale financial strength rating of AA_(KE); Outlook Stable

Rating action

Johannesburg, 23 September 2021 – GCR Ratings (“GCR”) has affirmed The Heritage Insurance Company Kenya Limited’s (“Heritage Kenya”) national scale financial strength rating of AA_(KE), with a Stable Outlook.

Rated entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
The Heritage Insurance Company Kenya Limited	Financial strength	National	AA_(KE)	Stable Outlook

Rating rationale

Heritage Kenya ...
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57 mins ago

GCR affirms Liberty Life Assurance Kenya Limited’s national scale financial strength rating of AA_(KE); Outlook Stable

Rating action

Johannesburg, 23 September 2021 – GCR Ratings (“GCR”) has affirmed Liberty Life Assurance Kenya Limited’s (“Liberty Life Kenya”) national scale financial strength rating of AA_(KE), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Liberty Life Assurance Kenya Limited	Financial strength	National	AA_(KE)	Stable Outlook

Rating rationale

Liberty Life Kenya’s ...
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1 hour ago

GCR affirms Medihelp Medical Scheme’s national scale financial strength rating of AA-_(ZA); Outlook Stable

Rating action

Johannesburg, 23 September 2021 – GCR Ratings (“GCR”) has affirmed Medihelp Medical Scheme’s (“Medihelp”) national scale financial strength rating of AA-_(ZA), with a Stable outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Medihelp Medical Scheme	Financial strength	National	AA-_(ZA)	Stable Outlook

Rating rationale

Medihelp’s national scale financial strength rating reflects a moderately ...
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10 hours ago

GCR Affirms Union Bank of Nigeria Plc’s Series 2 Bonds Rating of BBB+_(NG); Outlook Revised to Stable from Negative.

Lagos, 22 September 2021 – GCR Ratings (“GCR”) has affirmed the national scale issue rating assigned to Union Bank of Nigeria Plc’s Series 2 Bonds of BBB+_(NG) with the Outlook revised to Stable from Negative.

Issue	Rating class	Rating scale	Rating	Outlook
N6.3bn Series 2 Senior Unsecured	Long term issue	National	BBB+_(NG)	Stable

Rating Rationale

The Series ...
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1 day ago

GCR Affirms Union Bank of Nigeria Plc’s National Scale Long-term and Short-term Issuer Ratings of BBB+_(NG) and A2_(NG) Respectively, Outlook Revised to Stable from Negative.

Lagos, 22 September 2021 – GCR Ratings (“GCR”) has affirmed Union Bank of Nigeria Plc’s national scale long-term and short-term issuer ratings of BBB+_(NG) and A2_(NG)respectively, with the Outlook revised to Stable from Negative.

Rated Entity	Rating class	Rating scale	Rating	Outlook/Watch
Union Bank of Nigeria Plc	Long Term issuer	National	BBB+_(NG)	Stable Outlook
Union Bank of Nigeria Plc	Short Term issuer			Stable Outlook

1 day ago

GCR assigns new rating to Notes issued by AB Finco 2 (RF) Limited under Transaction 1, Series 2

Rating Action

Johannesburg, 21 September 2021 – GCR Ratings (“GCR”) has assigned the following short-term issue credit rating to the following Notes that were issued by AB Finco 2 (RF) Limited on 9 September 2021:

Security Class	Stock Code	Amount	Rating Class	Rating Scale	Rating	Final Redemption Date
Class A	AF102U	R1,400,000,000	Short-term issue	National	A1+_(ZA)(sf)	September 2022

2 days ago

GCR upgrades Lidwala Insurance’s national scale financial strength rating to A+_(SZ) from A_(SZ) on sustained financial profile strength; Outlook Stable

Rating action

Johannesburg, 21 September 2021 – GCR Ratings (“GCR”) has upgraded Lidwala Insurance Company Limited’s (“Lidwala Insurance”) national scale financial strength rating to A+_(SZ) from A_(SZ), with a Stable Outlook.

Rated entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Lidwala Insurance Company Limited	Financial strength	National	A+_(SZ)	Stable Outlook

Rating rationale

Lidwala Insurance’s rating reflects ...
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2 days ago

Eastern and Southern African Trade and Development Bank’s international scale issuer rating of BBB placed on Positive Outlook on expected improvement in membership profile, asset quality, and funding diversification

Rating Action

Johannesburg, 21 September 2021 – GCR Ratings (“GCR”) has affirmed Eastern and Southern African Trade and Development Bank’s international scale long and short-term issuer ratings of BBB and A3 respectively while the outlook has been upgraded to Positive. At the same time, the Kenyan long and short-term issuer ratings have been affirmed at AAA_(KE)and A1+_(KE) respectively with outlook accorded as Stable.

2 days ago

GCR upgrades Standard Insurance Co., INC’s national scale financial strength rating to A+_(PH) from A_(PH) on sustained improvement in liquidity; Outlook Stable

Rating action

Johannesburg, 21 September 2021 – GCR Ratings (“GCR”) has upgraded Standard Insurance Co., INC’s (“Standard Insurance”) national scale financial strength rating to A+_(PH)from A_(PH),with the Outlook revised to Stable. At the same time, GCR has affirmed Standard Insurance’s international scale financial strength rating of BB, with a Stable Outlook.

Rated entity / Issue

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2 days ago

GCR places FSDH Merchant Bank Limited’s A-_(NG)/A2_(NG) Nigerian National Scale Issuer Ratings on “Review Extension”.

Lagos, 20 September 2021 – GCR Ratings (“GCR”) has placed FSDH Merchant Bank Limited’s national scale long and short-term issuer ratings of A-_(NG)and A2_(NG) respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 31 October 2021.

The ratings assigned in the last review are still in effect and remain unchanged until the review ...
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3 days ago

Union Bank of Nigeria Plc – Senior Unsecured N7.2bn Series 1 Bond Paid in Full, Rating Withdrawn.

Lagos, 17 September 2021 – GCR Ratings (“GCR”) has withdrawn the final, public long term credit rating of BBB+_(NG) with a Negative Outlook accorded to the N7.2bn Series 1 Fixed Rate Senior Unsecured bonds issued by Union Bank of Nigeria Plc (“the issuer”) under its N100bn Debt Issuance Programme (DIP).

Issue	Coupon Rate	Issue Date	Maturity Date
N7.2bn Series 1 ... Read More

6 days ago

GCR Research - View All

GCR maintains the Namibian Financial Institutions’ Sector Risk Score of ‘6.0’

GCR Ratings has maintained the Namibian Financial Institutions’ sector risk score of ‘6.0’ ... Read More

GCR Ratings appoints new Kenya-Based Credit Rating Analyst

GCR Ratings has issued a press release announcing the appointment of a new Credit Rating Analyst based in Kenya ... Read More

South African Property Market and RMBS Update: August 2021

GCR Ratings has published its Property Market and Residential Mortgage Backed Securities (RMBS) Update on the performance of the RMBS Sector for 2021 and outlook for the remainder of 2021, ... Read More

Zambian Insurance Act May 2021: Positive development for the Zambian Insurance Sector

GCR Ratings has published a review of the Zambia Insurance industry, outlining the expected impact of the the New Insurance Act of 2021 which came into effect on the 20th ... Read More

GCR Commentary: Kenya Insurance Sector Report: Changes in Kenyan Insurers investment allocations expected to improve stability in capital and earnings

GCR Ratings (“GCR”) has published an Industry Report on the impact of investment market performance on the Kenya Insurance sector. The report is available for download at: http://gcrresearch.com/reports/house/industry-reports/ ... Read More

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Credit Rating Report: Eunisell Limited

The Company has sustained an upward trajectory in the top line over the years, reflected in the 22.3% five-year CAGR to FY19, primarily driven by steady increase in traded volumes. Beyond the revenue decline in 1H FY20 owing to COVID-19 ...
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Credit Rating Report: Transcorp Hotels Plc

Sep 23, 2021

THP has consistently demonstrated stronger earnings relative to available comparable peers, albeit, with some variability through the cycle. While earnings margins have contracted sharply during 9M FY20, THP is now implementing a number of cost rationalisation initiatives, which are expected ...

Credit Rating Report: Curro Holdings Limited

Sep 22, 2021

The group has historically operated with a high degree of leverage, increasing gross debt to R4.1bn at FY19 to fund investments into its growing stable of schools. However, after a successful R1.5bn rights issue in September 2020, Curro reduced its ...

Credit Rating Report: CapitalSage Limited

Sep 22, 2021

CapitalSage has reported strong cash flows over the two-year period on the back of good earnings. While the cash flows have been sufficient to cover operations and have reduced the need for debt, the planned expansion drive is expected to ...

Credit Rating Report: ENL Consortium Limited

Sep 22, 2021

ENL’s operations are underpinned by the long-term concession granted by the Nigeria Port Authority to operate terminal C and D of the Lagos Apapa Port Complex, which delivers over 99% of revenue. Whilst its somewhat protected position and limited competition ...

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Webinar: Risk Scores

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East Africa Outlook

Credit Rating Report: Eunisell Limited

Credit Rating Report: Transcorp Hotels Plc

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Credit Rating Report: CapitalSage Limited

Credit Rating Report: ENL Consortium Limited