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.

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Nairobi, 5 February 2021 – GCR Ratings (“GCR”) has withdrawn Tausi Assurance Company Limited (“Tausi”) national scale financial strength rating of A_(KE). The rating has been withdrawn without review, as no additional analysis was performed.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.

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”).

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”):

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

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

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

Premium research: Latest releases - view more

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

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

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

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

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 ...