GCR Rating Alerts - View All

GCR affirms Curro Holdings Limited’s BBB+_(ZA) rating on stable sector dynamics and performance. Outlook Stable

Rating Action

Johannesburg, 5 May 2020 – GCR Ratings (“GCR”) has affirmed the national scale Issuer ratings assigned to Curro Holdings Limited of BBB+_(ZA) and A2_(ZA)for the long and short term respectively, with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Curro Holdings Limited	Long Term Issuer	National	BBB+_(ZA)	Stable Outlook

4 weeks ago

GCR affirms the ‘A1_(ZA)(sf)’ rating assigned to the Callable Notes issued by iNkotha Investments (RF) Ltd

Rating action

Johannesburg, 4 May 2020 – GCR Ratings (“GCR”) has affirmed the national scale short-term Programme credit rating of ‘A1_(ZA)(sf)’ assigned to the Callable Notes (the “Notes”) issued by iNkotha Investments (RF) Ltd (“iNkotha” or the “Issuer”) from time to time under the Issuer’s R10bn domestic call bond fund programme (the “Programme”).

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4 weeks ago

GCR affirms BCI Money Market Fund’s rating of AA_(ZA)(f); Outlook Stable.

Rating Action

Johannesburg, 30 April 2020 — GCR Ratings has affirmed the national scale fund rating accorded to BCI Money Market Fund of AA_(ZA)(f); with the outlook remaining stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
BCI Money Market Fund	Fund Rating^[1]	National	AA_(ZA)(f)	Stable Outlook

Fund summary

1 month ago

GCR affirms the ratings assigned to Global Equity Investments 3, 4, 5, 6, 10, 11, 13 and 14 Ltd with outlook revised to Negative on the latter; and downgrades the ratings assigned to Global Equity Investments 8 Ltd revising outlook to Negative

Rating Action

Johannesburg, 30 April 2020 – GCR Ratings (“GCR”) has affirmed the international scale long term ratings assigned to the securities issued by the Primary Investment Vehicles (“PIVs”) trading as Global Equity Investments (“GEI”) 3, GEI 4, GEI 5, GEI 6, GEI 10, GEI 11 and GEI 13 Limited while maintaining their respective outlooks. The rating assigned to GEI 14 Limited has been affirmed ...
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1 month ago

GCR affirms African Oxygen Limited’s A+_(ZA) rating on its strong funding profile. Outlook Stable

Rating Action

Johannesburg, 30 April 2020 – GCR Ratings (“GCR”) has affirmed the national scale issuer ratings assigned to African Oxygen Limited of A+_(ZA) and A1_(ZA)for the long and short term respectively, with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
African Oxygen Limited	Long Term Issuer	National	A+_(ZA)	Stable Outlook

1 month ago

GCR affirms AECI Limited’s A+_(ZA) rating on the back of a strong funding profile. Outlook Stable

Rating Action

Johannesburg, 28 April 2020 – GCR Ratings (“GCR”) has affirmed the national scale long term and short term issuer ratings assigned to AECI Limited of A+_(ZA) and A1_(ZA)respectively, with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
AECI Limited	Long Term Issuer	National	A+_(ZA)	Stable Outlook
AECI Limited	Short ... Read More			Stable Outlook

1 month ago

GCR revises Oryx Properties Limited’s Rating to BBB_(NA) on Criteria Change. Outlook Stable

Rating Action

Johannesburg, 23 April 2020 – GCR Ratings (“GCR”) has revised the national scale long-term and short-term Issuer ratings assigned to Oryx Properties Limited (“Oryx” or “the fund”) on Criteria change to BBB_(NA) and A3_(NA), respectively, from BBB+_(NA) and A2_(NA) previously. The Outlook been revised to Stable.

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1 month ago

GCR releases the Namibian Property Sector Risk Score

21 April 2020 – GCR Ratings (“GCR”) has assigned a Namibian Corporate Sector Risk Score for Property of ‘5.0’.

The Namibian Property Sector Risk Score report is available for download at https://gcrratings.com/risk-scores/

The GCR Corporates Sector Risk Assessment

The corporate sector risk score is an aggregation of a) cyclicality b) ease of doing business and c) sector specific dynamics scores, and is intended to provide ...
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1 month ago

GCR affirms Emira’s ratings on sound portfolio quality. Outlook Stable.

Rating Action

Johannesburg, 15 April 2020 – GCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings assigned to Emira Property Fund Limited (“Emira”, “the REIT” or “the fund”) of A_(ZA) and A1_(ZA), respectively, with a Stable Outlook. Concurrently, GCR has affirmed the long-term Issue ratings of AA+_(ZA)(EL) assigned to Emira’s Senior Secured Notes, with a Stable Outlook.

2 months ago

GCR Research - View All

GCR releases the Namibian Property Sector Risk Score

The Namibian Property sector risk score balances below average cyclicality and relatively sound returns against the adverse impact of structural and economic limitations National Government has been grappling with for ... Read More

COVID-19 risks and oil price shocks likely to curb near term gains from regulatory reforms in the Ghanaian short term insurance industry

GCR Ratings has published an industry research piece on how COVID-19 risks and oil price shocks are likely to curb near term gains from regulatory reforms in the Ghanaian short ... Read More

‘Cash is King’ in supporting SA Equipment Lease ABS ratings amid COVID-19 Payment Holidays

GCR Ratings has published an industry research piece on the potential impact of payment holidays on the Equipment Lease asset back securities (Equipment Lease ABS) rated by GCR. The update ... Read More

High levels of premium receivables: a key rating restraint for short-term insurers and reinsurers in the CIMA zone

GCR Ratings has published an industry research piece on how high levels of premium receivables in the CIMA zone restrain the creditworthiness of insurers and reinsurers in the region, overshadowing ... Read More

GCR reduces the Kenyan Sector Risk Scores for Hospitality and Discretionary Retail

Summary 08 April 2020 - GCR Ratings (“GCR”) has reduced the following Kenyan Corporate Sector Risk Scores in light of the COVID-19 crisis: Kenyan Hospitality to ‘3.0’, from ‘4.0’ Kenyan ... Read More

Corporate Performance Negatively Impacted by COVID-19.

GCR Ratings has published an industry research piece on the impact of the COVID-19 crisis on the Kenyan Corporate Sector: Key highlights of the research are: GCR expects the disruptions ... Read More

Premium research: Latest releases - view more

Oryx Properties Limited

The ratings counterbalance Oryx Properties Limited’s (“Oryx” or “the fund”) small and highly concentrated portfolio against its strong through-the-cycle earnings performance, as well as the recently adopted cash preservation initiatives, which are expected to shore up the fund’s financial profile ...
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African Oxygen Limited

May 28, 2020

The ratings on African Oxygen Limited reflect the strong funding profile, underpinned by robust cash generation despite sustained weakness in the South African operating climate. GCR’s view is further supported by Afrox’s strongly entrenched market position and advantages of its ...

Emira Property Fund Limited

May 22, 2020

The sound performance of Emira Property Fund Limited’s (“Emira”, “the REIT” or “the fund”) small but relatively diverse portfolio continues to underpin the ratings, despite heightened funding and asset risk faced by the South African property sector.
The rebalanced Emira portfolio ...

Compass Securitisation (RF) Limited – Monitoring Dashboard

May 20, 2020

The Dashboard covers the period from March 2019 to March 2020 and is part of GCR’s performance monitoring process and does not constitute rating action or rating report. GCR will update the Dashboards at least on a quarterly basis. The ...

Discovery Health Medical Scheme

May 18, 2020

Discovery Health Medical Scheme’s (“DHMS”) rating is supported by the scheme’s very strong membership profile (market leading position in the open schemes industry), coupled with a strong financial profile.
DHMS’ very large membership base and diverse risk pool is viewed to ...