GCR Rating Alerts - View All

GCR upgrades Omnia’s long term issuer rating to A_(ZA) from BBB+_(ZA) following significant deleveraging and improved operating resilience

Rating Action

Johannesburg, 4 August 2021 – GCR Ratings (“GCR”) has upgraded Omnia Holdings Limited (“Omnia” or “’the group”) and Omnia Group Investments Limited’s long and short-term national scale issuer ratings to A_(ZA) and A1_(ZA) respectively. The outlook on the ratings is Stable.

Rated Entity	Rating class	Rating scale	Rating	Outlook/Watch
Omnia Holdings Limited	Long Term Issuer	National	A_(ZA)	Stable

16 hours ago

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

Rating Action

3 August 2021 – GCR Ratings (“GCR”) has taken the rating actions indicated in the table below on the long-term issue 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.

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Stock Code

Amount Outstanding

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2 days ago

GCR assigns Standard Chartered Bank of Zimbabwe Limited national scale issuer rating of AA_(ZW)

Rating Action

Johannesburg, 3 August 2021 – GCR Ratings (“GCR”) has assigned Standard Chartered Bank of Zimbabwe Limited national scale long and short-term issuer ratings of AA_(ZW)/A1+_(ZW), with outlook accorded as Positive.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Standard Chartered Bank of Zimbabwe Limited	Issuer Long Term	National	AA_(ZW)	Positive Outlook
Standard Chartered Bank of Zimbabwe Limited	Issuer ... Read More			Positive Outlook

2 days ago

GCR affirms Fedhealth’s national scale financial strength rating of AA-_(ZA), Outlook Stable

Rating action

Johannesburg, 2 August 2021– GCR Ratings (“GCR”) has affirmed Fedhealth Medical Scheme’s (“Fedhealth”) national scale financial strength rating of AA-_(ZA), with a Stable Outlook.

Rated entity	Rating class	Rating scale	Rating	Outlook / Watch
Fedhealth Medical Scheme	Financial strength	National	AA-_(ZA)	Stable Outlook

Rating rationale

The rating for Fedhealth reflects the scheme’s ...
Read More

3 days ago

GCR places Ecobank Nigeria Limited’s BBB_(NG) / A3_(NG) Nigerian National Scale Issuer credit ratings on “Review Extension”

Lagos, 30 July 2021 – GCR Ratings (“GCR”) has placed Ecobank Nigeria Limited’s national scale long and short-term issuer ratings of BBB_(NG) and A3_(NG) respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 31 August 2021.

The ratings assigned in the last review are still in effect and remain unchanged until the review process ...
Read More

5 days ago

GCR places Union Bank of Nigeria Plc’s BBB+_(NG) / A2_(NG) Nigerian National Scale Issuer credit ratings on “Review Extension”

Lagos, 30 July 2021 – GCR Ratings (“GCR”) has placed Union Bank of Nigeria Plc’s national scale long and short-term issuer ratings of BBB+_(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 August 2021.

The ratings assigned in the last review are still in effect and remain unchanged until the ...
Read More

5 days ago

GCR affirms NSIA Insurance Company Limited’s national scale financial strength rating of A-_(GH), with the Outlook maintained as Stable

Rating action

Johannesburg, 30 July 2021 – GCR Ratings (“GCR”) has affirmed NSIA Insurance Company Limited’s (“NSIA Insurance”) national scale financial strength rating of A-_(GH), with the Outlook maintained as Stable.

Rated entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
NSIA Insurance Company Limited	Financial strength	National	A-_(GH)	Stable Outlook

Rating rationale

NSIA Insurance’s rating balances ...
Read More

6 days ago

GCR places Transaction Capital Limited’s national scale issuer ratings of A-_(ZA)/A2_(ZA) and international scale long term issuer rating of B on ‘Review Extension’

Rating action

Johannesburg, 30 July 2021 – GCR Ratings (“GCR”) has placed Transaction Capital Limited’s national scale long and short term issuer ratings of A-_(ZA)/A2_(ZA)respectively, and international scale long term issuer rating of B on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating on or about 31 August 2021. The rating assigned in the last ...
Read More

6 days ago

GCR has downgraded the County Government of Makueni national scale long-term issuer rating of BBB_(KE) to BBB-_(KE); Outlook Stable.

Rating action

Nairobi, 30 July 2021 – GCR Ratings (“GCR”) has downgraded the County Government of Makueni (“Makueni County” “the County”) national scale long-term issuer rating of BBB_(KE)to BBB-_(KE), with the Outlook maintained as Stable. At the same time, GCR has affirmed the national scale short term issuer rating of A3_(KE).

Rated Entity / Issue

Rating class

Rating scale

Rating

6 days ago

GCR places TAK Logistics Limited’s national scale issuer ratings on “Review Extension”

Lagos, 30 July 2021 – GCR Ratings (“GCR”) has placed TAK Logistics Limited’s long-term and short-term national scale Issuer ratings of BBB_(NG)/ A3_(NG) respectively on ‘Review Extension’. Concurrently, the national scale long term Issue rating of BBB+_(NG) accorded to TAK Agro Infrastructure Plc’s N15bn Series 1 Fixed Rate Bond has also been placed on ‘Review Extension’. The ratings process is ongoing and GCR expects ...
Read More

6 days ago

GCR downgrades CBZ Life Limited’s national scale financial strength rating to A-_(ZW) from A_(ZW) following a decline in business volumes resulting in a weaker credit profile.

Rating Action

Johannesburg, 30 July 2021 – GCR Ratings (“GCR”) has downgraded CBZ Life Limited’s (“CBZ Life”) national scale financial strength rating to A-_(ZW) from A_(ZW), with a Negative Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook / Watch
CBZ Life Limited	Financial strength	National	A-_(ZW)	Negative Outlook

Rating rationale

The downgrade reflects ...
Read More

6 days ago

GCR Research - View All

Special Report: GCR Risk Score Snapshot as of 19th July 2021

GCR Ratings has published a Special Report which provide a snapshot of the GCR risk scores across GCR’s public issuer credit/financial strength ratings, as of 19 July 2021. The purpose ... Read More

Credit Spotlight: Additional Considerations for Rating Islamic Finance Institutions and Sukuk

GCR’s ratings on Islamic Finance institutions (IFI) and sukuk are not subject to distinct ratings criteria, despite very specific features. Our core framework and sector specific criteria, alongside the below ... Read More

Agriculture insurance in the CIMA zone: An economic solution for the region but a threat to the insurance sector’s financial stability

GCR Ratings has published a research report on the potential benefits of agricultural insurance to the economies of the CIMA zone. The potential risks that the underwriting of this product ... Read More

GCR reviews the Country Risk Score and Sector Risk Scores for South Africa due to the recent Civil Unrest

GCR Ratings has taken note of the recent geopolitical events from 7 July 2021 which sparked violent looting and riots in Kwa-Zulu Natal and Gauteng amongst others. Although these events ... Read More

GCR Assigns the Zimbabwean Medical Schemes Sector Risk Score

GCR Ratings has assigned the Zimbabwean Medical Schemes Sector Risk Score of 1.75. The score is underpinned by very limited regulatory oversight and transparency on industry performance, albeit evidencing low ... Read More

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Credit Rating Report: Tropical Reinsurance Company Limited

Tropical Re maintained a healthy competitive profile, underpinned by a resilient captive book from cedants within the Nzou Holdings Ltd group (the reinsurer’s parent and its subsidiaries, including three cedants in Zimbabwe and Zambia). The predominantly hard currency premium base ...
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Credit Rating Report: Shelter Afrique

Jul 30, 2021

Shelter Afrique is a relatively small regional Multilateral Development Bank (‘MDB’) established with a mandate to provide affordable housing in Africa. Its modest size (with developmental exposures of just over USD164mln at FY20) is a relative strain to its ability ...

Credit Rating Report: eThekwini Municipality

Jul 29, 2021

eThekwini’s strong financial profile is underpinned by its relatively moderate gearing and high cash holdings. Thus, gross debt has remained in the R8bn to R9bn range over most years under review, with cash holdings trending around R6bn. As the Metro ...

Credit Rating Report: AECI Limited (2021-07)

Jul 22, 2021

AECI's strong business profile is underpinned by leading positions in commercial mining explosives (where it is one of the five largest global suppliers) and chemicals manufacturing. The group’s business profile also benefits from integrated processes, a strong supply chain, as ...

Credit Rating Report: Rand Merchant Bank Nigeria Limited

Jul 20, 2021

RMBN’s strong capitalisation is a key rating strength, with capital adequacy ratio (“CAR”) consistently exceeding the regulatory threshold by a significant margin. As at FY20, CAR was robust at 47.5% (FY19: 50.1%), relative to the regulatory minimum of 10%, thus ...

GCR Rating Alerts - View All

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GCR Research - View All

Kenya & Rwanda: A Credit Tale of Two Banking Sectors

Global Credit Ratings: Corporate debt issuance in Nigeria to remain robust in 2021

East Africa Outlook

Credit Rating Report: Tropical Reinsurance Company Limited

Credit Rating Report: Shelter Afrique

Credit Rating Report: eThekwini Municipality

Credit Rating Report: AECI Limited (2021-07)

Credit Rating Report: Rand Merchant Bank Nigeria Limited