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GCR Rating Alerts - View All

GCR downgrades Hospitality Property Fund Limited’s ratings to BBB-(ZA) due to a protracted industry downturn amidst the ongoing COVID-19 uncertainties; Negative Outlook

Rating Action

Johannesburg, 8 February 2021 – GCR Ratings (“GCR”) has downgraded Hospitality Property Fund Limited’s (“HPF” or “the fund”) national scale long-term issuer rating to BBB-(ZA) from BBB(ZA) and maintained the short-term rating of A3(ZA). Concurrently, the long-term issue ratings assigned to the Senior Secured Notes issued by HPF have also been downgraded to A(ZA)(EL) from A+(ZA)(EL). The Outlook on all the ratings ...
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2 weeks ago
GCR places Netcare Limited’s Long Term Issuer rating of AA-(ZA) on Negative Outlook due to continued market weakness and uncertainty

Rating Action

Johannesburg, 8 February 2021 – GCR Ratings (“GCR”) has affirmed Netcare Limited’s long-term and short-term national scale issuer ratings of AA-(ZA) and A1+(ZA) respectively. The rating outlook has been changed to Negative from Stable previously.

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Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
Netcare Limited Issuer Long Term National AA-(ZA) Negative Outlook
2 weeks ago
GCR withdraws Tausi Assurance Company Limited’s national scale financial strength rating without review.

Nairobi, 5 February 2021 – GCR Ratings (“GCR”) has withdrawn Tausi Assurance Company Limited (“Tausi”) national scale financial strength rating of A(KE). The rating has been withdrawn without review, as no additional analysis was performed. The withdrawal was due to business reasons. Accordingly, GCR will no longer provide ratings or analytical coverage on the issuer. The rating was last reviewed in October 2019.

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3 weeks ago
GCR Extends “Review Extension” on WAICA Reinsurance Plc’s ratings

Lagos, 2 February 2021 – GCR Ratings (“GCR”) has extended the “Review Extension” placed on WAICA Reinsurance Plc’s national scale rating of A+(NG) and international scale rating of B+. The rating process is ongoing and GCR expects to publicly release the updated rating results by 28 February 2021. The ratings assigned in the last review are still in effect and remain unchanged until the review ...
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3 weeks ago
GCR affirms ratings under AB Finco 1 (RF) Limited and maintains outlooks under its Series 1,3,4 and 7.

Rating Action

Johannesburg, 2nd February 2021 – GCR Ratings (“GCR”) has affirmed the following national scale long term issue credit ratings assigned to the Notes issued by AB Finco 1 (RF) Limited (“AB Finco 1” or the “Issuer”) under four separate Series (each Series issuance is referred to as a “Transaction”).

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Transaction Stock Code Underlying Borrower Amount Rating class Rating scale Rating
3 weeks ago
GCR extends ‘Review Extension’ on Transaction Capital Risk Services Proprietary Limited’s servicer quality ratings*

Rating Action

Johannesburg, 1 February 2021 – GCR Ratings (“GCR”) has extended the ‘Review Extension’ on the national scale primary and special servicer quality ratings assigned to Transaction Capital Risk Services Proprietary Limited of SQ1-(ZA) and SQ1(ZA) respectively. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 12 February 2021. The ratings affirmed in the last review ...
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3 weeks ago
GCR accords indicative credit ratings to the Notes to be issued by Urban Ubomi 1 (RF) Limited

Rating Action

Johannesburg, 1 February 2021 – GCR Ratings (“GCR”) has accorded the following indicative credit ratings to the various Classes of Notes to be issued by Urban Ubomi 1 (RF) Limited (the “Issuer” or “Urban Ubomi 1”):

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Security Class Percentage of Total Liabilities* Rating Class Rating Scale Rating Outlook
Class A1 Notes 48.75% Issue Long-Term National AAA(ZA)(sf)(IR) Stable
3 weeks ago
GCR extends the ‘Review Extension’ on Botswana Insurance Company Limited’s ratings

Rating Action

Johannesburg, 1 February 2021 – GCR Ratings (“GCR”) has extended the ‘Review Extension’ on Botswana Insurance Company Limited’s national and international scale financial strength ratings of A+(BW) and BB+ respectively. The rating process is ongoing and GCR expects to publicly release the updated rating results by 31 March 2021. The ratings assigned in the last review are still in effect and remain unchanged ...
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3 weeks ago
GCR extends the ‘Review Extension’ on Swan General Ltd’s ratings

Rating action

Johannesburg, 29 January 2021 – GCR Ratings (“GCR”) has extended the ‘Review Extension’ on Swan General Ltd’s national scale financial strength rating of A+(MU) and international scale financial strength rating of BB+. The rating process is ongoing and GCR expects to publicly release the updated rating results by 31 March 2021. The ratings assigned in the last review are still in effect ...
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4 weeks ago
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GCR Research - View All

GCR publishes Financial Institutions Sector Risk Scores for Nigeria
The Financial Institutions sector risk score (ranging from 0 to 15) is a key factor in the operating environment component score. The core of the GCR Ratings Framework is based ... Read More
GCR publishes Nigerian corporate sector risk scores
The corporate sector risk score is a combination of a) cyclicality b) ease of doing business and c) sector specific dynamics scores and is intended to provide users with an ... Read More
GCR publishes the Country Risk Score for Nigeria
Nigeria’s country risk score of 3.75 balances its strong economic base, supported by significant natural resources and large population, against low wealth levels, moderately weak institutional scores and currently restrained ... Read More
Nigeria Banking Sector 2021: Frequently Asked Questions on Banks and Other Financial Institutions Act (BOFIA 2020)
In November 2020, the ‘Banks and Other Financial Institutions Act’ (“BOFIA”) was signed into law by President Muhammadu Buhari, replacing BOFIA 1991. BOFIA 2020 is the primary legislation for the ... Read More
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
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Premium research: Latest releases - view more

County Government of Laikipia

County Government of Laikipia

The ratings on Laikipia balance low levels of leverage, increasing own sources of revenue (“OSR”) generation and ongoing government support counterbalanced by its relatively small and undiversified status, high wage bill and relatively low development expenditure absorption and somewhat constrained ...
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Goldstar Insurance Company Limited

Goldstar Insurance Company Limited

Feb 22, 2021
The rating affirmation reflects the insurer’s very strong financial profile, characterised by very strong risk adjusted capitalisation and liquidity, while the strong earnings capacity assessment factors in an expected normalisation in underwriting profitability and continued sound net earnings. Goldstar Insurance ...
Bankmed

Bankmed

Feb 19, 2021
Bankmed’s national scale financial strength rating reflects the scheme’s very strong solvency and strong liquidity, albeit restrained by high sectoral concentration and intermediate earnings. Bankmed’s capitalisation remained a key rating strength, consistently trending within a very strong range, with a ...
Grand Reinsurance Company (Private) Limited

Grand Reinsurance Company (Private) Limited

Feb 17, 2021
The upgrade of Grand Re’s rating reflects a credit enhancement on the insurer’s stand-alone credit profile from the policyholder guarantee issued by the parent; Masawara Holdings Mauritius Limited (“MHM”, ‘guarantor’). As a result, the financial strength rating on Grand Re ...
Urban Ubomi 1 (RF) Ltd

Urban Ubomi 1 (RF) Ltd

Feb 12, 2021
GCR Ratings (“GCR”) accorded indicative long-term credit ratings to the various Classes of Notes to be issued by Urban Ubomi 1 (RF) Limited under its newly established R2.5bn Mortgage Loan Backed Securitisation Programme. In order to assess the credit strength ...

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GCR Ratings Coverage

GCR Ratings Coverage

  • Southern Africa ( 264 )
    • 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 ( 228 )
      • Banks & Non-Bank Financial Institutions ( 17 )
      • Corporate & Public Sector Debt ( 74 )
      • Insurance ( 23 )
      • Medical ( 10 )
      • Structured and Finance Securitisation ( 77 )
    • Swaziland ( 1 )
      • Insurance ( 1 )
    • Zimbabwe ( 21 )
      • Banks & Non-Bank Financial Institutions ( 8 )
      • Insurance ( 13 )
  • Eastern Africa ( 74 )
    • Kenya ( 38 )
      • Banks & Non-Bank Financial Institutions ( 9 )
      • Corporate & Public Sector Debt ( 6 )
      • Insurance ( 20 )
    • Madagascar ( 1 )
      • Insurance ( 1 )
    • Malawi ( 3 )
      • Insurance ( 3 )
    • Mauritius ( 3 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 2 )
    • Mozambique ( 2 )
      • Insurance ( 2 )
    • Rwanda ( 5 )
      • Banks & Non-Bank Financial Institutions ( 4 )
      • Insurance ( 1 )
    • Tanzania ( 11 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 9 )
    • Uganda ( 9 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 6 )
      • Structured and Finance Securitisation ( 1 )
    • Zambia ( 2 )
      • Insurance ( 2 )
  • Western Africa ( 142 )
    • Burkina Faso ( 1 )
      • Insurance ( 1 )
    • Cote D Ivoire ( 2 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 1 )
    • Ghana ( 10 )
      • Banks & Non-Bank Financial Institutions ( 5 )
      • Insurance ( 5 )
    • Nigeria ( 127 )
      • Banks & Non-Bank Financial Institutions ( 45 )
      • Corporate & Public Sector Debt ( 48 )
      • Insurance ( 7 )
      • Structured and Finance Securitisation ( 7 )
    • Togo ( 1 )
      • Insurance ( 1 )
    • Benin ( 1 )
      • Insurance ( 1 )
  • Central Africa ( 1 )
    • Cameroon ( 1 )
      • Insurance ( 1 )
  • 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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