GCR

GCR Rating Alerts

GCR places ‘Review Extension’ on the Compass Securitisation (RF) limited Class A Notes ratings

Johannesburg, 14 June 2019 – GCR Ratings (“GCR”) has placed a ‘Review Extension’ on the long-term credit ratings and outlooks accorded to the following Class A Notes issued by Compass Securitisation (RF) Limited (“Compass” or the “Issuer”):

Class A4	Stock code CSA04U	R240,000,000	AAA_(ZA)(sf)	Stable outlook
Class A5	Stock code CSA05U	R110,000,000	AAA_(ZA)(sf)	Stable outlook ... Read More

5 days ago

GCR reviews the final public ratings accorded to Global Equity investments 1-14 Limited

Johannesburg, 6 June 2019 – GCR Ratings (“GCR”) has affirmed the final, public long-term international scale credit ratings and outlooks accorded to the following Primary Investment Vehicles (“PIVs”) trading as Global Equity Investments (“GEI”) 7 and GEI 14:

Issuer	Underlying Linked Credit	Amount*	Long-term international scale rating	Outlook
GEI 7	Fidelity International Ltd	R44.4m	BBB+_(sf)	Stable
GEI 14

2 weeks ago

GCR accords final ratings to New Notes issued by SASP Series 1 and upgrades existing Notes to ‘AAA_(ZA)(sf)’ with a Stable outlook

Johannesburg, 3 June 2019 – GCR Ratings (“GCR”) has accorded final, public long-term credit ratings to the following Classes of Notes (the “New Notes”) issued by the South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1” or the “Issuer”) on 17 May 2019:

Class A26,	Stock code ERSA26;	R178,000,000;	AAA_(ZA)(sf);	Stable outlook;
Class B6,	Stock code ERS3B6;	R16,000,000;

2 weeks ago

Update on GCR Ratings’ Structured Finance Ratings ‘Review Extension’ for select transactions

Johannesburg, 31 May 2019 — GCR Ratings (“GCR”) expects the Structured Finance ratings accorded to the respective securities issued under the transactions listed below to be reviewed by 31 July 2019.

This update is applicable to the transactions that have not yet been reviewed under the updated September 2018, Global Master Structured Finance Rating Criteria and the Global Consumer Asset Backed Securitisation (ABS) Rating Criteria ...
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3 weeks ago

GCR places ‘Review Extension’ on Transaction Capital Risk Services’ servicer quality* ratings

Johannesburg, 31 May 2019 – Global Credit Ratings (“GCR”) has placed a ratings ‘Review Extension’ on the primary and special servicer ratings assigned to Transaction Capital Risk Services (Proprietary) Limited of SQ1-(ZA) and SQ1(ZA) respectively. The ratings ‘Review Extension’ stems from the ‘Under Criteria Observation’ on the Issuer, on which the servicer quality rating is partly dependent. The ‘Review Extension’ and ‘Under Criteria Observation’ are ...
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3 weeks ago

GCR affirms Sasfin BCI Optimal Income Fund’s rating of AA-(ZA)(f); Outlook Stable.

Johannesburg, 30 May 2019 – GCR Ratings has affirmed the national scale fund rating* of AA-_(ZA)(f) to Sasfin BCI Optimal Income Fund; with the outlook accorded as Stable.

SUMMARY RATING RATIONALE

GCR Ratings (“GCR”) has affirmed the above fund rating on Sasfin BCI Optimal Income Fund (“SBOIF”, “the fund”), key features of which are summarised below.

Fund summary

Fund inception date

3 weeks ago

Fox Street 6 (RF) Ltd – Ratings Affirmed

Johannesburg, 30 May 2019 — GCR Ratings (“GCR”) has affirmed the following final, public long-term credit ratings of the following Notes issued by Fox Street 6 (RF) Ltd (the “Issuer”):

Class A1 Notes, stock code FS6A1; AAA_(ZA)(sf) Stable Outlook,
Class A2 Notes, stock code FS6A2; AAA_(ZA)(sf) Stable Outlook,
Class A3 Notes, stock code FS6A3; AAA_(ZA)(sf) Stable Outlook,
Class B1 Notes, stock code FS6B1; AA_(ZA)(sf) ...
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3 weeks ago

Fox Street 3 (RF) Ltd – Class A5 Notes Rating Affirmed; Class B1, Class C1 and Class D1 Ratings Upgraded

Johannesburg, 30 May 2019 — GCR Ratings (“GCR”) has affirmed the following final, public long-term credit ratings of the following Notes issued by Fox Street 3 (RF) Ltd (the “Issuer”):

Class A5 Notes, stock code FS3A5; AAA_(ZA)(sf) Stable Outlook.

GCR has concurrently upgraded the following final, public long-term credit ratings accorded to the following Notes issued by the Issuer, and revised their outlooks to ...
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3 weeks ago

Fox Street 2 (RF) Ltd – Class A5 Notes Rating Affirmed; Class B1, Class C1 and Class D1 Ratings Upgraded; Ratings of All Classes of Notes Withdrawn

Johannesburg, 30 May 2019 — GCR Ratings (“GCR”) has affirmed and withdrawn the following final, public long-term credit ratings of the following Notes issued by Fox Street 2 (RF) Ltd (the “Issuer”):

Class A5 Notes, stock code FS2A5; AAA_(ZA)(sf) Stable Outlook.

GCR has concurrently upgraded the following final, public long-term credit ratings accorded to the following Notes issued by the Issuer:

Class B1 Notes, ...
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3 weeks ago

GCR withdraws Saham Assurances Angola Seguros, S.A’ s national scale rating

Johannesburg, 27 May 2019– GCR Ratings (“GCR”) has today withdrawn Saham Assurances Angola Seguros S.A’ s (“Saham Angola”) national scale claims paying ability rating of A-_(AO), Stable outlook. The rating has been withdrawn without affirmation, as no separate analysis was performed because of information insufficiencies. The withdrawal was due to business reasons. Accordingly, GCR will no longer provide ratings or analytical coverage for Saham Angola.

3 weeks ago

GCR Rating Alerts

GCR Research

GCR Publishes Country Risk Scores for 28 countries

GCR Publishes Criteria for Rating Local and Regional Governments

GCR Publishes Short Term Insurance Compendium Sub-Saharan Africa

GCR Publishes Criteria for Rating Financial Institutions, Financial Services Companies and Supranational Institutions

GCR Publishes New Criteria for Rating Corporate Entities

GCR Publishes New Criteria for Rating Insurance Companies

Buffalo City Municipality

Assurances Reassurances Omnibranches

Ashburton Stable Income Fund

Cell Insurance Company Limited

Netcare Limited