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GCR Rating Alerts - View All
GCR places Lagos State Government’s national scale Issuer ratings ‘Under Review’

Lagos, 22 January 2021 — Global Credit Ratings has placed Lagos State Government’s long term national scale Issuer ratings of A+(NG) ‘Under Review’. Concurrently, the national scale ratings of A+(NG) accorded to Programme 3, Series 1, Series 2 (Tranche I,II, III & IV) and Series 3 Bonds have been placed under review.

The ratings process is ongoing, GCR expects to publicly release updated rating results ...
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4 days ago
GCR Affirms Custodian Life Assurance Limited’s rating of A(NG); Outlook Stable

Lagos Nigeria, 18 January 2021 – Global Credit Ratings has affirmed the national scale financial strength rating assigned to Custodian Life Assurance Limited of A(NG), with the outlook accorded as Stable. The rating is valid until October 2021.

SUMMARY RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit rating to Custodian Life Assurance Limited (“Custodian Life” or “the insurer”) based on the following ...
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1 week ago
GCR Affirms AIICO Capital Limited Rating of BBB+(NG)(mq); Outlook Stable

Lagos Nigeria, 18 January 2021 – Global Credit Ratings has affirmed the manager quality rating of BBB+(NG)(mq) assigned to AIICO Capital Limited; with the outlook accorded as Stable. The rating are valid until October 2021.

RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit rating to AIICO Capital Limited (“AIICO Capital” or “the company”) based on the following key criteria:

The accorded management ...
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1 week ago
GCR Accords FSDH Funding SPV Plc Series 1 (Tranche A and Tranche B) Bonds Indicative Ratings

Lagos Nigeria, 15 January 2021–Global Credit Ratings has accorded an indicative rating of BBB(NG) and A-(NG) to FSDH Funding SPV PLC’s Series 1 Tranche A and Tranche B Bonds respectively, under the N30bn Debt Issuance Programme; with the outlook accorded as Stable. The rating is valid until June 2021.

SUMMARY RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above indicative rating to FSDH Funding ...
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2 weeks ago
GCR Accords AIICO Money Market Fund A National Scale Rating of A+(NG)(f); Outlook Stable

Lagos Nigeria, 15 January 2021–Global Credit Ratings accords a national scale fund rating of A+(NG)(f) to AIICO Money Market Fund; with the outlook accorded as Stable. The rating is valid until October 2021.

SUMMARY RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit ratings to AIICO Money Market Fund (“AMMF”) based on the following key criteria:

Fund profile: AMMF is an open-ended fund, ...
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2 weeks ago
GCR Downgrades C&I Leasing Plc’s Series 1 Bonds rating to BBB+(NG); Outlook Negative

Lagos Nigeria, 15 January 2021 — Global Credit Ratings has downgraded the national scale rating assigned to C&I Leasing Plc’s Series 1 Senior Secured Bonds from A-(NG) to BBB+(NG), with the outlook accorded as Negative. The rating is valid until October 2021.

RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit rating to C&I Leasing Plc’s Series 1 Senior Secured Bonds (“Series 1 ...
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2 weeks ago
GCR Accords an Indicative Rating of BBB+(NG) to Proposed C&I Leasing Plc’s Series 2 Bonds.

Lagos Nigeria, 15 January 2021 — Global Credit Ratings has accorded an indicative national scale rating of BBB+(NG) to proposed C&I Leasing Plc’s Series 2 Senior Secured Bonds, with the outlook accorded as Negative. The report is valid until May 2021.

RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit rating to C&I Leasing Plc’s Series 2 Senior Secured Bonds (“Series 2 Bonds”), ...
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2 weeks ago
GCR affirms North South Power Company Limited’s Series 1 Guaranteed Bond Rating of AAA(NG); Outlook Stable

Lagos, 15 January, 2021 — Global Credit Ratings has affirmed the national scale rating of AAA(NG) assigned to NSP-SPV POWERCORP PLC’s Series 1 Guaranteed Bond; with the outlook accorded as Stable. The rating is valid until November 2021.

RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit rating(s) to NSP-SPV POWERCORP PLC (“the Issuer”) based on the following key criteria:

NSP-SPV raised an ...
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2 weeks ago
GCR Affirms C&I Leasing Plc’s rating of BBB(NG); Outlook Negative

Lagos Nigeria, 15 January 2021 — Global Credit Ratings has affirmed the national scale ratings assigned to C&I Leasing Plc of BBB(NG) and A3(NG) in the long term and short term respectively, with the outlook accorded as Negative. The ratings are valid until October 2021.

RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit ratings to C&I Leasing Plc (“C&I” or “the Group”) ...
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2 weeks ago
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GCR Research - View All
East Africa Outlook
Despite the disruption caused by COVID-19 East Africa remains the continent’s fastest-growing region. GCR’s East Africa manager Sylvia Chahonyo recently moderated a discussion hosted by Invest Africa on political and ... Read More
GCR Ratings, Africa’s largest credit rating agency, expands into Francophone Africa with the acquisition of Senegal-based WARA
GCR Ratings is very pleased to announce the acquisition of a 65% shareholding in West Africa Rating Agency S.A. (WARA), a Senegal domiciled and Francophone Africa focused Credit Rating Agency ... Read More
GCR Lowers the Country Risk Score for the Republic of Zambia
Country Risk Score Action GCR has lowered the public country risk score on the Republic of Zambia following the missed interest payment and announced suspension of debt service to external ... Read More
GCR publishes Frequently Asked Questions on how GCR analyse legal entities operating within groups
Summary 12 Nov 2020 - GCR Ratings (“GCR”) has published a Special Report on how we analyse legal entities within larger operating groups. The report is available for download at: ... Read More
GCR Releases a Frequently Asked Questions Publication on Distressed Debt Exchanges
GCR Ratings has released a Frequently Asked Questions (“FAQ”) publication on Distressed Debt Exchanges (“DDEs”) and the related transition of the ratings of issuers that are in distress ... Read More
2020 HY Review for Kenyan Banks: Pressure starting to show, but the systemic risk is low
GCR expects the combined impact of the COVID-19 inspired global and domestic slowdown, alongside the locust swarm in Q120, to reduce Kenya’s economic growth to around 1%-2% in 2020 ... Read More
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Premium research: Latest releases - view more

South African Funds Peer Comparison

South African Funds Peer Comparison

The South African Interest-bearing (“SAIB”) fund market amounted to ZAR793.5 bln (c. USD52 bln) at September 30th 2020, making it by far the largest on the African continent. Reflecting the relative safety and stability of the fund type, alongside the uncertain ...
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Chubb Insurance South Africa Limited

Chubb Insurance South Africa Limited

Jan 22, 2021
Chubb Insurance South Africa Limited’s (“Chubb SA”) national scale financial strength rating was affirmed with a Stable Outlook, supported by the insurer’s very strong financial profile, which is expected to be sustained despite a level of downside risk associated with ...
Stanbic Bank Zimbabwe Limited

Stanbic Bank Zimbabwe Limited

Dec 21, 2020
The ratings on Stanbic Bank Zimbabwe Limited (“Stanbic Zimbabwe”) reflect the bank’s sound business profile supported by above average market share, good levels of business diversification, franchise strength, and a track record of revenue stability, cognisant of bank’s predominantly monetary ...
Murray & Roberts Holdings Limited

Murray & Roberts Holdings Limited

Dec 18, 2020
The Negative Outlook reflects GCR’s concerns that renewed COVID-19 related disruptions will place further pressures on Murray & Roberts Holdings Limited’s (“M&R” or “the group”) cash flows and thus gearing metrics. Notwithstanding the substantial negative impact the pandemic has had ...
Fortress REIT Limited

Fortress REIT Limited

Dec 17, 2020
The affirmation of Fortress REIT Limited’s (“Fortress”) ratings on 09 December 2020 reflects the REIT’s large, diverse, and high-quality portfolio, through-the-cycle earnings enhancement from its pan-European exposure, as well as the headroom in financial metrics to withstand the weak letting ...

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GCR Ratings Coverage

GCR Ratings Coverage

  • Southern Africa ( 321 )
    • 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 ( 276 )
      • Banks & Non-Bank Financial Institutions ( 17 )
      • Corporate & Public Sector Debt ( 81 )
      • Insurance ( 38 )
      • Medical ( 19 )
      • Structured and Finance Securitisation ( 94 )
    • Swaziland ( 2 )
      • Insurance ( 2 )
    • Zimbabwe ( 29 )
      • Banks & Non-Bank Financial Institutions ( 7 )
      • Insurance ( 22 )
  • Eastern Africa ( 109 )
    • Kenya ( 56 )
      • Banks & Non-Bank Financial Institutions ( 8 )
      • Corporate & Public Sector Debt ( 9 )
      • Insurance ( 36 )
    • Madagascar ( 1 )
      • Insurance ( 1 )
    • Malawi ( 5 )
      • Insurance ( 5 )
    • Mauritius ( 4 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 3 )
    • Mozambique ( 4 )
      • Insurance ( 4 )
    • Rwanda ( 6 )
      • Banks & Non-Bank Financial Institutions ( 4 )
      • Insurance ( 2 )
    • Tanzania ( 18 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 16 )
    • Uganda ( 11 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 9 )
    • Zambia ( 4 )
      • Insurance ( 4 )
  • Western Africa ( 162 )
    • Burkina Faso ( 2 )
      • Insurance ( 2 )
    • Cote D Ivoire ( 4 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 3 )
    • Ghana ( 16 )
      • Banks & Non-Bank Financial Institutions ( 6 )
      • Insurance ( 10 )
    • Nigeria ( 136 )
      • Banks & Non-Bank Financial Institutions ( 50 )
      • Corporate & Public Sector Debt ( 49 )
      • Insurance ( 9 )
      • Structured and Finance Securitisation ( 9 )
    • Togo ( 1 )
      • Insurance ( 1 )
    • Benin ( 3 )
      • Insurance ( 3 )
  • Central Africa ( 2 )
    • Cameroon ( 2 )
      • Insurance ( 2 )
  • Northern Africa ( 2 )
    • Egypt ( 2 )
      • Banks & 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.....

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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.

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