Skip to content

GCR

  • Home
  • About Us
  • News Articles
  • Rating Information
  • Criteria
  • Premium Research
  • Contact Us
  • Careers
  • Login

Categories

GCR Rating Alerts - View All
GCR affirms Ninety One (formerly Investec Asset Management) STeFI Plus Fund’s rating of AA(ZA)(f); Outlook Stable.

Rating Action

Johannesburg, 25 March 2020 – GCR Ratings has affirmed the national scale fund rating[1] of AA(ZA)(f) on Ninety One (formerly Investec Asset Management) STeFI Plus Fund; with the outlook accorded as Stable.

Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
Ninety One STeFI Plus Fund Fund Rating National AA(ZA)(f) Stable Outlook
...
Read More
6 days ago
GCR affirms Ninety One (formerly Investec Asset Management) Money Market Fund’s rating of AA+(ZA)(f); Outlook Stable.

Rating Action

Johannesburg, 25 March 2020 – GCR Ratings has affirmed the national scale fund rating[1] of AA+(ZA)(f) on Ninety One (formerly Investec Asset Management) Money Market Fund; with the outlook accorded as Stable.

Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
Ninety One Money Market Fund Fund Rating National AA+(ZA)(f) Stable Outlook
...
Read More
6 days ago
GCR affirms Ninety One (formerly Investec Asset Management) Corporate Money Market Fund’s rating of AA+(ZA)(f); Outlook Stable.

Rating Action

Johannesburg, 25 March 2020 – GCR Ratings has affirmed the national scale fund rating[1] of AA+(ZA)(f) on Ninety One (formerly Investec Asset Management) Corporate Money Market Fund; with the outlook accorded as Stable.

...
Read More
Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
Ninety One Corporate Money Market Fund Fund Rating National AA+(ZA)(f) Stable Outlook
6 days ago
GCR affirms KAP Industrial’s A+(ZA) rating due to cash preservation amidst elevated industry risks. Outlook Stable.

Rating Action

Johannesburg, 25 March 2020 – GCR Ratings (“GCR”) has affirmed the national scale long term and short term Issuer ratings accorded to KAP Industrial Holdings Limited (“KAP” or “the group”) of A+(ZA) and A1(ZA) respectively, with a Stable Outlook.

Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
KAP Industrial Holdings Limited Long ...
Read More
7 days ago
GCR Withdraws TPS Eastern Africa Plc’s Issuer Ratings

Rating Action

Johannesburg, 24 March 2020- GCR Ratings (“GCR”) has withdrawn TPS Eastern Africa Plc’s national scale long term and short-term issuer ratings for commercial reasons. The ratings were withdrawn without review as no additional analysis was performed. Accordingly, GCR will no longer provide ratings or analytical coverage for TPS EA. The ratings were last reviewed in October 2019.

...
Read More
Rated Entity/Issue
1 week ago
GCR reviews the ratings assigned to Global Equity Investments 2, 3, 8, 10, 12 and 14 Limited

Rating Action

Johannesburg, 24 March 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”) 2, GEI 3, GEI 10, GEI 12 and GEI 14 while maintaining their respective outlooks.

At the same time, GCR has downgraded the rating assigned to GEI 8 to ‘BB+(sf) ...
Read More

1 week ago
GCR downgrades Constantia and Conduit’s Financial Strength and Long Term Issuer ratings to BB(ZA) and B(ZA), respectively; Negative Watch

Rating Action

Johannesburg, 18 March 2020 – GCR Ratings (“GCR”) has downgraded Constantia Insurance Company Limited’s (“Constantia”) South Africa national scale financial strength rating to BB(ZA) from A-(ZA) with the rating maintained on Negative Watch. Furthermore, GCR has downgraded Conduit Capital Limited’s (“Conduit”) national scale long term and short-term issuer credit ratings to B(ZA)/B(ZA) from BBB(ZA)/A3(ZA), with the ratings maintained on Negative Watch and ...
Read More

2 weeks ago
GCR Statement on COVID-19

Dear Valued Stakeholders,


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, and we are doing our best to keep our employees, communities and offices safe.

Following the outbreak of COVID-19, and aligned to the directives issued by various governments, GCR has taken ...
Read More

2 weeks ago
GCR revises HFGA Re’s financial strength rating to A-(MU) on criteria change, Outlook Stable

Rating Action

Johannesburg, 17 March 2020 – GCR Ratings (“GCR”) has revised Home Finance Guarantors Africa (Reinsurance) Limited’s (“HFGA Re”) Mauritius national scale financial strength (formerly claims paying ability) rating to A-(MU) from A+(MU), with the Outlook accorded as Stable. The lowering of the rating does not reflect a change in credit fundamentals but is a result of implementation of the new methodology.

...
Read More
2 weeks ago
  • ‹
  • 1
  • 2
  • 3
  • 4
  • 5
  • ›
Loading...

GCR Research - View All
Structured Finance Outlook for South African Transactions in Light of the COVID-19 Disaster
Overview GCR anticipates a particularly challenging 2020, particularly due to the COVID-19 disaster. We expect an increase in credit risk within the next three months being more prevalent in Asset ... Read More
Sustained Economic Headwinds compounded by Covid-19 Risks Will Pressure South African Banks Earnings & Asset Quality in 2020
Summary 19 March 2020 - GCR Ratings (“GCR”) has published a Special Report on its current expectations of South African banking sector performance in 2020. The report is available for ... Read More
GCR Statement on COVID-19
Dear Valued Stakeholders, 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 ... Read More
Pressure on valuations, soft equity prices signal weakening REIT financial profiles
Summary 16 March 2020 - GCR Ratings (“GCR”) has published an industry research piece on observed dynamics in the South African property sector. The update is available for download at: ... Read More
GCR reduces the South African sector risk score for Property to ‘6.5’
Summary 16 March 2020 - GCR Ratings (“GCR”) has reduced the South African Corporate Sector Risk Score for Property to ‘6.5’, from ‘7.0’, due to heightened funding pressures and elevated ... Read More
GCR Publishes its Approach to Rating Securitisation Transactions Involving Intermediate SPVs
These intermediate entities are typically Warehousing facility SPVs, Collections SPVs and Guarantee SPVs. The report highlights the key financial, legal and/or operational risks that these entities may pose to the ... Read More
  • ‹
  • 1
  • 2
  • 3
  • 4
  • 5
  • ›
Loading...

Premium research: Latest releases - view more

iNkotha Investments (RF) Ltd (Monitoring Dashboard)

iNkotha Investments (RF) Ltd (Monitoring Dashboard)

The Dashboard exhibits performance metrics related to the iNkotha (RF) Ltd transaction, which include the weighted average credit rating, ratings of underlying assets and obligor concentration ...
Read More
Compass Securitisation (RF) Limited (Monitoring Dashboard)

Compass Securitisation (RF) Limited (Monitoring Dashboard)

Jan 22, 2020
In December 2019, monthly defaults of R4.4m increased the "Aggregate Net Defaults for last 12 Months" trigger to 2.68% (maximum: 2.7%). GCR's analysis shows that, assuming recoveries and purchases of additional Equipment Leases for January 2020 remain similar to those ...
Fox Street 3 (RF) Ltd (Monitoring Dashboard)

Fox Street 3 (RF) Ltd (Monitoring Dashboard)

Jan 21, 2020
The Dashboard exhibits performance metrics related to the Fox Street 3 (RF) Ltd transaction, which include credit enhancement levels, excess spread, prepayments, defaults, recoveries and covenants ...
Global Equity Investments Ltd (Monitoring Dashboard)

Global Equity Investments Ltd (Monitoring Dashboard)

Jan 20, 2020
The Dashboard monitors the movement in the ratings of the underlying linked credit and key counterparties of Global Equity Investments 1-14 Ltd ...
Compass Securitisation (RF) Limited (Monitoring Dashboard)

Compass Securitisation (RF) Limited (Monitoring Dashboard)

Jan 14, 2020
The Dashboard exhibits performance metrics related to the Compass Securitisation (RF) Ltd transaction, which include credit enhancement levels, excess spread, defaults, recoveries and covenants ...

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.

COVID-19 Resource Portal

GCR Ratings Coverage

GCR Ratings Coverage

  • Southern Africa ( 245 )
    • Botswana ( 6 )
      • Banks & Non-Bank Financial Institutions ( 3 )
      • Insurance ( 3 )
    • Namibia ( 6 )
      • Banks & Non-Bank Financial Institutions ( 5 )
      • Corporate & Public Sector Debt ( 1 )
    • South Africa ( 233 )
      • Banks & Non-Bank Financial Institutions ( 16 )
      • Corporate & Public Sector Debt ( 31 )
      • Insurance ( 28 )
      • Structured and Finance Securitisation ( 121 )
  • Eastern Africa ( 106 )
    • Kenya ( 40 )
      • Banks & Non-Bank Financial Institutions ( 13 )
      • Corporate & Public Sector Debt ( 8 )
      • Insurance ( 19 )
    • Madagascar ( 1 )
      • Insurance ( 1 )
    • Malawi ( 4 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 3 )
    • Mauritius ( 3 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 2 )
    • Mozambique ( 4 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 3 )
    • Rwanda ( 5 )
      • Banks & Non-Bank Financial Institutions ( 4 )
      • Insurance ( 1 )
    • Tanzania ( 11 )
      • Banks & Non-Bank Financial Institutions ( 3 )
      • Insurance ( 8 )
    • Uganda ( 7 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 5 )
    • Zambia ( 3 )
      • Insurance ( 3 )
    • Zimbabwe ( 28 )
      • Banks & Non-Bank Financial Institutions ( 15 )
      • Insurance ( 13 )
  • Western Africa ( 93 )
    • Burkina Faso ( 1 )
      • Insurance ( 1 )
    • Cote D Ivoire ( 3 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Corporate & Public Sector Debt ( 1 )
      • Insurance ( 1 )
    • Ghana ( 9 )
      • Banks & Non-Bank Financial Institutions ( 4 )
      • Insurance ( 5 )
    • Nigeria ( 78 )
      • Banks & Non-Bank Financial Institutions ( 23 )
      • Corporate & Public Sector Debt ( 23 )
      • Insurance ( 6 )
      • Structured and Finance Securitisation ( 7 )
    • Togo ( 1 )
      • Insurance ( 1 )
    • Benin ( 1 )
      • Insurance ( 1 )
  • Central Africa ( 2 )
    • Angola ( 1 )
      • Insurance ( 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.....

To expand the map, or see more information, please click on any of the countries above.
GCR Ratings

Publications

Receive the latest rating alerts, market alerts, research releases, news and updates delivered to your inbox.

Receive the latest rating alerts, market alerts, research releases, news and updates delivered to your inbox.

Select Your Group
Invalid email address
Thank you for your interest and taking the time to subscribe to GCR's email notification service. Please check your email for further instructions.
Terms & Conditions
  • Terms of Use
  • Privacy Policy
  • Limitations & Usage
  • Regulatory Affairs
  • Promotion of Access to Information
  • GCR’s Code of Professional Conduct & Policies

 

Contact Us
  • Contact Us
  • Submit a Complaint
  • Careers
GCR
© 2020 GCR Ratings. All Rights Reserved
  • Linked in