GCR Rating Alerts - View All

GCR simultaneously affirms TIH’s long-term issuer rating of AA_(ZA) and Auto & General’s financial strength rating of AA-_(ZA), Outlook on both ratings maintained as Stable

Rating action

Johannesburg, 15 December 2021 – GCR Ratings (“GCR”) has simultaneously affirmed Telesure Investment Holdings (Pty) Limited’s (“TIH” or “the group”) national scale long term issuer rating of AA_(ZA) and Auto and General Insurance Company Limited’s (“Auto & General”) national scale financial strength rating of AA-_(ZA).Both ratings were kept on Stable Outlook.

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1 month ago

GCR affirms Centum Investment Company Plc’s national scale long-term and short-term Issuer ratings of A+_(KE)/A1_(KE); Outlook Stable

Rating Action

Johannesburg, 15 December 2021 – GCR Ratings (“GCR”) has affirmed Centum Investment Company Plc’s national scale long and short term Issuer ratings of A+_(KE)and A1_(KE) respectively; Outlook Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Centum Investment Company Plc	Long Term Issuer	National	A+_(KE)	Stable Outlook
Centum Investment Company Plc	Short Term Issuer			Stable Outlook

1 month ago

GCR affirms Centum Real Estate Limited’s Kenyan national scale issuer ratings of BBB+_(KE) / A2_(KE), Outlook Stable

Rating Action

Johannesburg, 15 December 2021 – GCR Ratings (“GCR”) has affirmed Centum Real Estate Limited’s (“Centum RE” or “the group”) national scale long and short-term issuer ratings of BBB+_(KE)and A2_(KE)respectively, with a Stable Outlook. At the same time, GCR has also assigned a national scale long term Issue rating of BBB+_(KE) to the KES2bn Zero-Coupon Medium Term Notes (“the Notes” or “the ...
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1 month ago

GCR upgrades Cell Insurance Company Limited’s national scale financial strength rating to A_(ZW), from BBB+_(ZW), on sustained credit profile support from resilient economic sectors; Outlook Stable

Rating Action

Johannesburg, 15 December 2021 – GCR Ratings (“GCR”) has upgraded Cell Insurance Company Limited’s (“Cell”) national scale financial strength rating to A_(ZW) from BBB+_(ZW), with a Stable Outlook.

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

Rating Rationale

The rating upgrade reflects Cell’s ...
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1 month ago

GCR affirms Tangerine General Insurance Limited’s (formerly Law Union and Rock Insurance Plc) national scale financial strength rating of A-_(NG); Outlook Stable

Lagos, 14 December 2021 – GCR Ratings (“GCR”) has affirmed Tangerine General Insurance Limited’s national scale financial strength (formerly claims paying ability) rating of A-_(NG), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Tangerine General Insurance Limited	Financial strength	National	A-_(NG)	Stable Outlook

Rating rationale

The rating of Tangerine ...
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1 month ago

GCR extends ‘Review Extension’ on Jubilee Life Insurance Limited’s national scale financial strength rating

Rating action

Johannesburg, 14 December 2021 – GCR Ratings (“GCR”) has extended the ‘Review Extension’ on Jubilee Life Insurance Limited’s (“Jubilee Life Kenya”) national scale financial strength rating of AA-_(KE). The rating process is ongoing and GCR expects to update the rating by 31 January 2022. The rating assigned in the last review is still in effect and remains unchanged until the review process ...
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1 month ago

GCR affirms Geregu Power Plc’s national scale long term and short term Issuer ratings of A_(NG) and A1_(NG) respectively, Outlook Stable.

Lagos, Nigeria, 13 December 2021 – GCR Ratings (“GCR”) has affirmed Geregu Power Plc’s national scale long term and short-term Issuer ratings of A_(NG) and A1_(NG) respectively, with the Outlook accorded as Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Geregu Power Plc ... Read More

1 month ago

GCR affirms Viathan Funding Plc’s N10bn Series 1 Senior Guaranteed Bond rating, Outlook Stable.

Lagos, Nigeria, 13 December 2021 – GCR Ratings (“GCR”) has affirmed the national scale long term Issue rating of AAA_(NG) assigned to Viathan Funding Plc’s N10bn Series 1 Senior Guaranteed Bond, with the Outlook accorded as Stable.

Rated Issue	Rating class	Rating scale	Rating	Outlook
N10bn Series 1 Senior Guaranteed Bonds	Long Term Issue	National	AAA_(NG)	Stable

1 month ago

GCR revises Sovereign Trust Insurance Plc’s financial strength rating to A_(NG) on criteria change; Outlook Stable

Lagos, 13 December 2021 – GCR Ratings (“GCR”) has revised Sovereign Trust Insurance Plc’s (“STI”) national scale financial strength (formerly claims paying ability) rating to A_(NG)from A-_(NG)on criteria change, with a Stable Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook / Watch
Sovereign Trust Insurance Plc	Financial strength	National	A_(NG)	Stable Outlook

Rating Rationale

1 month ago

GCR revises AIICO Insurance Plc’s national and international scale financial strength ratings to AA-_(NG) and B- respectively on criteria change; Outlooks Stable

Lagos, 13 December 2021 – GCR Ratings (“GCR”) has revised AIICO Insurance Plc’s (“AIICO” or “the insurer”) national scale financial strength (formerly claims paying ability) rating to AA-_(NG) from A_(NG) on criteria change. Simultaneously, the international scale financial strength rating has been revised to B- from B on criteria change. Both ratings have been placed on Stable Outlooks.

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1 month ago

GCR downgrades Viathan Funding Plc’s national scale long- and short-term issuer ratings to CCC-_(NG)/C_(NG), Outlook Negative.

Lagos, 10 December 2021 – GCR Ratings (“GCR”) has downgraded Viathan Funding Plc’s national scale long and short-term Issuer ratings to CCC-_(NG) and C_(NG) respectively, with the Outlook revised to Negative.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Viathan Funding Plc	Long Term Issuer	National	CCC-_(NG)	Negative
Viathan Funding Plc	Short Term Issuer	National	C_(NG)	—

1 month ago

GCR Research - View All

Finances Across the Major Metropolitan Municipalities Appear to be Holding Firm but Not All are Benefitting

GCR Ratings has published a Credit Research report that provides an overview of the current financial health of the large metropolitan municipalities, based on the quarterly reporting ... Read More

GCR publishes the updated Country Risk Scores

GCR Ratings has published the reviewed Country Risk Scores. The Country Risk Scores are available for download at https://gcrratings.com/risk-scores/ ... Read More

GCR increases Botswana’s insurance sector risk score to ‘5.25’ from ‘5.00’

GCR Ratings has increased the insurance sector risk score for Botswana to ‘5.25’ from ‘5.00’ on the overall positive impact of enhanced regulatory environment and healthier competitive dynamics, more than ... Read More

GCR maintains the Namibian Financial Institutions’ Sector Risk Score of ‘6.0’

GCR Ratings has maintained the Namibian Financial Institutions’ sector risk score of ‘6.0’ ... Read More

GCR Ratings appoints new Kenya-Based Credit Rating Analyst

GCR Ratings has issued a press release announcing the appointment of a new Credit Rating Analyst based in Kenya ... Read More

Premium research: Latest releases - view more

Credit Rating Report: Societe Nationale d’Assurances et de Reassurances (SONAR-IARD)

Liquidity remains a key rating weakness, limited by a relatively aggressive investment allocation stance. Further considering increases in net technical liabilities outpacing investment portfolio growth, cash and stressed financial assets coverage of net technical liabilities continued trending around 1.0x, while ...
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Credit Rating Report: AB Finco 1 (RF) Limited

Dec 23, 2021

The claims of Noteholders in respect of each Transaction are secured though a limited recourse guarantee issued by the Security SPV, which has been established for the sole purpose of holding and realising security for the benefit of the Noteholders ...

Credit Rating Report: Zimnat Life Assurance Co. Limited

Dec 23, 2021

Earnings moderated in FY20 driven by operating expenses and claims incurred, which remained elevated due to the negative impact of the change in functional currency to the local unit. The subsequent onset of hyperinflation translated into an unfavourable claims experience, ...

Monitoring Dashboard: Nitro Securitisation 6 (RF) Limited

Dec 22, 2021

The Dashboard covers the period from February 2019 to November 2021 and is part of GCR’s performance monitoring process and does not constitute rating action or rating reports. GCR will update the Dashboards at least on a quarterly basis. Read ...

Credit Rating Report: Urban Ubomi 1 (RF) Ltd

Dec 22, 2021

Proceeds of the Existing Notes issuance, together with the proceeds of the Subordinated Loan, were used by the Issuer to acquire a pool of Loan Agreements together with their Related Security, which includes, inter alia, Mortgage Bonds, Guarantee SPV Guarantees ...