GCR Rating Alerts - View All

GCR withdraws ZB Reinsurance Limited’s national and international financial strength ratings

Rating Action

Johannesburg, 03 July 2020 – GCR Ratings (“GCR”) has withdrawn ZB Reinsurance Limited’s (“ZB Re”) national and international scale financial strength ratings of BBB_(ZW)and CCC respectively. The ratings have been withdrawn without affirmation, as no separate analysis was performed. The withdrawal was due to commercial reasons. Accordingly, GCR will no longer provide ratings or analytical coverage for ZB Re. The ratings were ...
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3 days ago

GCR places Nedbank Zimbabwe Limited’s national scale issuer rating of A_(ZW) on ‘Review Extension’.

Rating Action

Johannesburg, 03 July 2020 – GCR Ratings (“GCR”) has placed the A_(ZW) long term national scale ratings of Nedbank Zimbabwe Limited on ‘Review Extension’. The annual review of the ratings was scheduled for 08 July 2020. The ‘Review Extension’ is not a function of the bank’s performance. Rather, the ‘Review Extension’ allows for a time extension of the review of the ratings. GCR ...
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3 days ago

GCR places Octodec Investments Limited’s Issuer rating of A-_(ZA) on Negative Outlook due to elevated industry risk

Rating Action

Johannesburg, 03 July 2020 – GCR Ratings (“GCR”) has placed the long and short term national scale Issuer ratings assigned to Octodec Investments Limited of A-_(ZA) and A2_(ZA) respectively on Negative Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Octodec Investments Limited	Long Term Issuer	National	A-_(ZA)	Negative Outlook
Octodec Investments Limited				Negative Outlook

3 days ago

GCR places Agricultural Bank of Zimbabwe Limited’s issuer ratings on “Review Extension”

Rating Action

Johannesburg, 03 July 2020 – GCR Ratings (“GCR”) has placed Agricultural Bank of Zimbabwe Limited’s long term and short term national scale ratings of BB-_(BW) and B_(ZW) respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 01 August 2020. The ratings affirmed in the last review are still in effect and ...
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3 days ago

Fox Street 6 (RF) Limited – Credit Ratings of Various Classes of Notes Withdrawn, Affirmed and Upgraded

Rating Action

2 July 2020 – GCR Ratings (“GCR”) has taken the rating actions indicated in the table below on the credit ratings of the various Classes of Notes issued by Fox Street 6 (RF) Limited (“Fox Street 6”). These actions follow GCR’s annual review of the transaction.

Security Class

Stock Code

Amount Outstanding

Rating Class

Rating Scale

Rating

Outlook / ...
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3 days ago

GCR affirms AIG Kenya’s national scale financial strength rating of AAA_(KE); Outlook Stable

Rating action

Johannesburg, 2 July 2020 – GCR Ratings (“GCR”) affirms AIG Kenya Insurance Company Limited’s (“AIG Kenya”) national scale financial strength rating of AAA_(KE), and accorded a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
AIG Kenya Insurance Company Limited	Financial strength	National	AAA_(KE)	Stable Outlook

Rating rationale

AIG Kenya’s ...
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4 days ago

GCR affirms ICEA LION Life Assurance Company Limited’s Kenyan financial strength rating of AA_(KE); Outlook Stable

Rating action

Johannesburg, 01 July 2020 – GCR Ratings (“GCR”) has affirmed ICEA LION Life Assurance Company Limited’s (“ICEA LION Life”) national scale financial strength rating of AA_(KE); Outlook Stable.

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

Rating rationale

The rating of ...
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5 days ago

GCR affirms Southchester RF Limited’s Fund rating of AA-_(ZA)(f); Outlook Stable.

Rating Action

Johannesburg, 30 June 2020 – GCR Ratings has affirmed the national scale fund rating assigned to Southchester RF Limited of AA-_(ZA)(f); Outlook Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Southchester RF Limited	Fund Rating^[1]	National	AA-_(ZA)(f)	Stable Outlook

Fund summary

6 days ago

GCR withdraws NMB Bank Limited’s Issuer Ratings without review

Rating Action

Johannesburg, 25 June 2020 – GCR Ratings (“GCR”) has withdrawn the national scale long term and short term issuer ratings assigned to NMB Bank Limited, without affirmation as no additional analysis was performed. The withdrawal was due to commercial reasons. Accordingly, GCR will no longer provide ratings or analytical coverage for NMB Bank Limited. The ratings were last reviewed in July 2019.

2 weeks ago

GCR Research - View All

GCR updates the South African Sector Risk Scores to account for 12 weeks of COVID-19 disruptions

GCR has updated its South African Corporate Sector Risk Scores taking into account the negative impact the COVID-19 disruptions have had to the local economic performance, with a view as ... Read More

Credit Spotlight: Issuer Credit Ratings, Issue Credit Ratings and Expected Loss <sub>(‘EL’)</sub> Ratings

GCR has published an industry research piece outlining the differences between issue(r) credit ratings and expected loss ratings, as well as the relationship between them. The research piece is aimed ... Read More

South African Banking sector under pressure, with key credit quality indicators expected to follow a negative trend through 2020

The onset of the Covid-19 pandemic has compounded an already strained operating environment and will have a negative impact on asset quality for the banking sector ... Read More

GCR lowers the South African Financial Institutions’ Sector Risk Score to ‘7.5’, from ‘8’

Johannesburg, 25 June 2020 - GCR Ratings (“GCR”) has lowered the South African Financial Institutions’ sector risk score to ‘7.5’, from ‘8’ previously. The Financial Institutions Sector Risk Scores are ... Read More

GCR Commentary: African Banking Sectors and the Covid-19 crisis: First in, First out?

GCR takes three African banking hubs, from the South, East and West of the continent and provides an opinion on how the banking sectors will cope with this potential ‘annus ... Read More

GCR requests Public Comments on Draft Criteria for Funds Rating and Criteria for Management Quality Ratings

GCR invites comment on the draft criteria presented and welcomes comments which may be sent to RFC@GCRratings.com, prior to the closing of the comment period on the 10th of July ... Read More

Premium research: Latest releases - view more

Fox Street 6 (RF) Ltd ( Monitoring Dashboard)

The Dashboard covers the period from November 2018 to May 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. Read ...
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Global Equity Investments Ltd (Monitoring Dashboard)

Jun 17, 2020

The Dashboard was updated in June 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. Read More ...

Assurances CIMA

Jun 16, 2020

Le niveau élevé des créances de primes : une importante contrainte de notation pour les assureurs et réassureurs non-vie dans la zone CIMA Sommaire
▪ Les créances de primes élevées et persistantes constituent un défi systémique dans la zone CIMA ;
▪ ...

South African Securitisation Programme (RF) Limited – Series 3 (Monitoring Dashboard)

Jun 15, 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. Read More ...

Compass Securitisation (RF) Limited (Monitoring Dashboard)

Jun 15, 2020

The Dashboard covers the period from April 2019 to April 2020 and is part of GCR’s performance monitoring process and does not constitute rating action or rating report. Read More ...