GCR Rating Alerts - View All

GCR assigns Centum Real Estate Limited national scale issuer ratings of BBB+_(KE) / A2_(KE); balancing weak real estate fundamentals with a solid market position

Rating Action

Johannesburg, 09 October 2020 – GCR Ratings (“GCR”) has assigned Centum Real Estate Limited national scale long and short-term issuer ratings of BBB+_(KE)and A2_(KE)respectively, with the Outlook accorded as Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Centum Real Estate Limited	Long Term issuer	National	BBB+_KE)	Stable Outlook
Centum Real Estate Limited				Stable Outlook

3 weeks ago

GCR places African Banking Corporation (Moçambique) SA’s issuer ratings on Ratings Watch Evolving

Rating Action

Johannesburg, 8 October 2020 – GCR Ratings (“GCR”) has placed African Banking Corporation (Moçambique) SA’s national scale long and short-term issuer ratings of BB+_(MZ)and B_(MZ) respectively on Ratings Watch Evolving.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
African Banking Corporation (Moçambique) SA	Long Term issuer	National	BB+_(MZ)	Ratings Watch Evolving

3 weeks ago

GCR places the ratings of the Class A1 and Class B Notes issued by TUHF Urban Finance (RF) Limited under ‘Review Extension’

Rating action

Johannesburg, 7 October 2020 – GCR Ratings (“GCR”) has placed the following long-term issue credit ratings of the Notes issued by TUHF Urban Finance (RF) Limited (“TUHF Urban Finance”) under ‘Review Extension’.

Notes Class	Rating Class	Rating Scale	Rating	Outlook/Watch
Class A1 (TU1A11)	Long-term issue	National	AA-_(ZA)(sf)	Stable Outlook
Class B (TU1B11)	Long-term issue	National

3 weeks ago

GCR upgrades Northam’s issuer ratings to A_(ZA)/A1(ZA) on strengthening earnings and conservative financial profile, Outlook Stable

Rating Action

Johannesburg, 07 October 2020 – GCR Ratings (“GCR”) has upgraded Northam Platinum Limited’s (“Northam”) long and short-term national scale issuer ratings to A_(ZA) and A1_(ZA) from A-_(ZA) and A2_(ZA) respectively, with the outlook accorded as Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Northam Platinum Limited	Long Term Issuer	National	A_(ZA)	Stable Outlook

3 weeks ago

GCR affirms Centum Investment Company Plc’s issuer ratings of A+_(KE) /A1_(KE) due to its strong financial profile

Rating Action

Johannesburg, 06 October 2020 – GCR Ratings (“GCR”) has affirmed Centum Investment Company Plc’s national scale long and short term issuer ratings at A+_(KE)and A1_(KE) respectively, with the Outlook accorded as Stable.

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

3 weeks ago

GCR affirms Eastern and Southern African Trade and Development Bank’s international scale issuer rating of BBB, balancing operating environment stress with a stable credit profile

Rating Action

Johannesburg, 6 October 2020 – GCR Ratings (“GCR”) has affirmed Eastern and Southern African Trade and Development Bank’s international scale long and short-term issuer ratings of BBB and A3 respectively. At the same time, the Kenyan long and short-term issuer ratings have been affirmed at AAA_(KE)and A1+_(KE) respectively. The outlooks are Stable.

Rated Entity / Issue

Rating class

Rating ...
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3 weeks ago

GCR withdraws Nkangala District Municipality’s issuer ratings

Rating Action

Johannesburg, 6 October 2020 – GCR Ratings (“GCR”) has withdrawn Nkangala District Municipality’s (“NDM”) national scale long term and short-term issuer ratings for business reasons. Concurrently the international scale long term issuer rating has also been withdrawn. The ratings were withdrawn without review as no additional analysis was performed. Accordingly, GCR will no longer provide ratings or analytical coverage for NDM. The ...
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3 weeks ago

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

Rating action

Johannesburg, 2 October 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)	Long-term issue	National	AAA_(ZA)(sf)	Stable Outlook
Class D (N6D26)	Long-term ... Read More

4 weeks ago

GCR affirms the ratings assigned under the South African Securitisation Programme (RF) Ltd – Series 2. Outlook Stable

Rating Action

Johannesburg, 2 October 2020 – GCR Ratings (“GCR”) has affirmed the long-term issue credit ratings assigned to the Notes by the South African Securitisation Programme (RF) Limited – Series 2 (“SASP 2” or the “Issuer”) with Stable Outlooks.

Security Class	Stock Code	Amount	Rating class	Rating scale	Rating	Outlook / Watch
Class A3	LRFA3	R280,000,000	Long Term issue

4 weeks ago

GCR Research - View All

GCR expects Namibian banks to rely on solid capital and oligopolistic market characteristics to weather the COVID-19 storm

The strong capitalisation and oligopolistic characteristics of the Namibian banking sector is expected to enable them to cope with rising asset risk, at least over the short to medium term ... Read More

GCR lowers the Namibian Financial Institutions’ Sector Risk Score to ‘6.0’, from ‘6.5’ Summary Johannesburg, 17 August 2020 - GCR Ratings (“GCR”) has lowered the Namibian Financial Institutions’ sector risk ... Read More

GCR release updated Jurisdictional Supplement to the Criteria

GCR Ratings is occasionally required to qualify credit ratings issued within specific markets or jurisdictions. This is in order to reflect any divergent or market related nuances which have the ... Read More

Three months in, the challenges are increasing but indications suggest that larger corporates may weather the storm.

GCR expects weak performance across almost all corporate sectors to remain weak for the remainder of 2020 due to a collapse of consumer confidence. Expectations for a recovery are tempered ... Read More

GCR publishes Criteria for Fund Ratings and Criteria for Management Quality Ratings

The criteria titled ‘Criteria for Fund Ratings’ predominantly applies to fixed income funds, including money market funds and other funds with portfolios that invest primarily in debt and debt like ... Read More

GCR affirms the Zimbabwean Financial Institutions’ Sector Risk Score of ‘1.0’ balancing profitability and foreign currency liquidity pressure with stable funding

Zimbabwe’s financial institution sector risk of ‘1’ is restrained by rising hyperinflation and the unquantified ramifications of the on-going COVID-19 pandemic posing major risks to the banking industry’s operations and ... Read More

Premium research: Latest releases - view more

NSIA Insurance Company Limited

NSIA Insurance Company Limited’s rating reflects a very strong financial profile along with demonstrated support from the parent company, NSIA Participations S.A. Offsetting these rating strengths is a very limited business position, given the relatively small size of the insurer ...
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Equites Property Fund Limited

Oct 26, 2020

GCR placed the ratings assigned to Equites Property Fund Limited on Positive Outlook. The outlook change acknowledges Equites’ conservatively funded, high-quality logistics portfolio, which continues to outperform many domestic peers despite vagaries of the COVID-19 pandemic. The REIT’s UK portfolio ...

PSG Konsult Limited

Oct 26, 2020

The ratings of PSG Konsult Limited are underpinned by prudent risk management, with a large quantum of cash and cash equivalents supporting a strong and liquid balance sheet. This is complemented by sound cash generative capacity, no interest-bearing debt and ...

Ecobank Zimbabwe Limited

Oct 23, 2020

The ratings on Ecobank Zimbabwe Limited reflect the bank’s sound financial profile relative to rated peers in the adverse operating environment. The ratings also reflect a sound business profile, supported by above average franchise strength, good levels of business diversification, ...

Centum Real Estate Limited

Oct 23, 2020

The ratings accorded balance Centum Real Estate Limited’s strong competitive position, conservative liquidity and adequate leverage levels against the substantial risks inherent in real estate development. GCR has considered Centum RE’s strong brand recognition (as part of CICP) in support ...