GCR Rating Alerts - View All

GCR affirms Renasa Insurance Company Limited’s national scale financial strength rating of A-_(ZA); Outlook Stable

Rating action

Johannesburg, 4 August 2020 – GCR Ratings (“GCR”) has affirmed Renasa Insurance Company Limited’s (“Renasa”) national scale financial strength rating of A-_(ZA), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Renasa Insurance Company Limited	Financial strength	National	A-_(ZA)	Stable Outlook

The rating action follows a reduction in the ...
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3 days ago

GCR affirms African Export-Import Bank’s international scale rating of A-, balancing operating environment stress with strong mandate and robust financial profile

Rating Action

Johannesburg, 31 July 2020 – GCR Ratings (‘GCR’) has affirmed African Export-Import Bank’s international scale long term and short term issuer ratings of A- and A2, respectively, with the outlook accorded as Stable. GCR has also affirmed the international scale long term issue rating on the Bank’s USD5bln EMTN programme of A-, with a Stable Outlook. At the same time, the following ...
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7 days ago

GCR downgrades CGIC’s rating to AA_(ZA) on elevated credit insurance sector impact from the COVID-19 pandemic; Outlook Negative

Rating action

Johannesburg, 31 July 2020 – GCR Ratings (“GCR”) has downgraded Credit Guarantee Insurance Corporation of Africa Limited’s (“CGIC”) national scale financial strength rating to AA_(ZA) from AA+_(ZA), with the Outlook accorded as Negative.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Credit Guarantee ... Read More

1 week ago

GCR affirms Oakhurst’s national scale financial strength rating of A_(ZA); Outlook Stable

Rating Action

Johannesburg, 31 July 2020 – GCR Ratings (“GCR”) has affirmed Oakhurst Insurance Company Limited’s (“Oakhurst”) national scale financial strength rating of A_(ZA), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Oakhurst Insurance Company Limited	Financial strength	National	A_(ZA)	Stable Outlook

The rating action follows a reduction in the South ...
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1 week ago

GCR extends the ‘Review Extension’ for the ratings of the various Classes of Notes issued by Nitro Securitisation 6 (RF) Limited

Johannesburg, 31 July 2020 – GCR Ratings (“GCR”) has extended ‘Review Extension’ period of the following national scale long-term issue credit ratings of the Notes issued by Nitro Securitisation 6 (RF) Limited (“Nitro 6”).

Notes Class	Rating Class	Rating Scale	Rating	Outlook/Watch
Class C (N6C26)	... Read More

1 week ago

GCR affirms PSG Konsult Limited’s South African issuer rating of A_(ZA), on the back of sustained balance sheet strength; Outlook Stable

Rating Action

Johannesburg, 31 July 2020 – GCR Ratings (“GCR”) has affirmed PSG Konsult Limited’s national scale long and short-term issuer ratings of A_(ZA) and A1_(ZA), respectively, with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
PSG Konsult Limited	Long Term issuer	National	A_(ZA)	Stable Outlook
PSG Konsult Limited	Short Term issuer	National	A1_(ZA)	Stable Outlook

1 week ago

GCR affirms NSIA Insurance Company Limited’s national scale financial strength rating of A-_(GH); Outlook Stable

Rating action

Johannesburg, 30 July 2020 – GCR Ratings (“GCR”) has affirmed NSIA Insurance Company Limited’s (“NSIA Insurance”) national scale financial strength rating of A-_(GH), with the Outlook accorded as Stable.

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

The rating action follows a reduction ...
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1 week ago

GCR affirms NICOZDiamond’s national scale financial strength rating of A+_(ZW) with an Evolving Outlook.

Credit Rating Action

Johannesburg, 30 July 2020 – GCR Ratings (“GCR”) has affirmed NICOZDiamond Insurance Limited’s (“NICOZDiamond”) national scale financial strength rating of A+_(ZW), with an Evolving Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
NICOZDiamond Insurance Limited	Financial strength	National	A+_(ZW)	Evolving Outlook

Rating Rationale

The rating reflects the strengths and weaknesses of ...
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1 week ago

GCR places Zimnat Lion’s national scale financial strength rating of A+_(ZW) on Rating Watch Evolving

Rating action

Johannesburg, 30 July 2020 – GCR Ratings (“GCR”) places Zimnat Insurance Company Limited’s (“Zimnat Lion”) national scale financial strength rating of A+_(ZW) on Rating Watch Evolving.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Zimnat Lion Insurance Company Limited	Financial strength	National	A+_(ZW)	Rating Watch Evolving

Rating rationale

The Rating Watch Evolving ...
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1 week ago

GCR Research - View All

GCR updates the South African Sector Risk Scores to account for 12 weeks of COVID-19 disruptions

GCR has updated its South African Corporate Sector Risk Scores taking into account the negative impact the COVID-19 disruptions have had to the local economic performance, with a view as ... Read More

Credit Spotlight: Issuer Credit Ratings, Issue Credit Ratings and Expected Loss <sub>(‘EL’)</sub> Ratings

GCR has published an industry research piece outlining the differences between issue(r) credit ratings and expected loss ratings, as well as the relationship between them. The research piece is aimed ... Read More

South African Banking sector under pressure, with key credit quality indicators expected to follow a negative trend through 2020

The onset of the Covid-19 pandemic has compounded an already strained operating environment and will have a negative impact on asset quality for the banking sector ... Read More

GCR lowers the South African Financial Institutions’ Sector Risk Score to ‘7.5’, from ‘8’

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 Commentary: African Banking Sectors and the Covid-19 crisis: First in, First out?

GCR takes three African banking hubs, from the South, East and West of the continent and provides an opinion on how the banking sectors will cope with this potential ‘annus ... Read More

GCR requests Public Comments on Draft Criteria for Funds Rating and Criteria for Management Quality Ratings

GCR invites comment on the draft criteria presented and welcomes comments which may be sent to RFC@GCRratings.com, prior to the closing of the comment period on the 10th of July ... Read More

Premium research: Latest releases - view more

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

Annualised negative excess spread of -1.8% was reported at May 2020. This reflects the impact of the economic lockdown implemented in the months of March, April and May 2020 amid the COVID-19 pandemic. The cumulative excess spread is estimated to ...
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MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

Aug 7, 2020

Fully Performing Leases (+ leases up to 30 days in arrears) as a percentage of book exposure was the lowest since October 2016 at 90.4% in June 2020, in line with current economic environment. However, the Fully Performing Leases (+ ...

Octodec Investments Limited

Aug 6, 2020

Octodec’s portfolio quality assessment is constrained by high concentration to properties in the inner cities of Pretoria and Johannesburg, although this is counterbalanced by a very granular asset and tenant profile. We also note that despite the largely short-dated weighted ...

South African Securitisation Programme (RF) Limited – Series 3

Aug 4, 2020

The rating action reflects the unchanged capital structure post annual review, asset performance and our credit and cash flow analysis using the most recent collateral data at May 2020. GCR also performed a re-rating exercise given the amended credit risk ...

iMpumelelo CP Note Programme 1 (RF) Ltd (Monitoring Dashboard)

Jul 28, 2020

The Dashboard was updated in July 2020 and is part of GCR’s monitoring process and does not constitute rating action or rating reports. GCR will update the Dashboard at least on a quarterly basis. Read More ...