GCR Rating Alerts - View All

GCR downgrades enX Corporation’s Partially Guaranteed Notes’ rating to BBB+_(ZA)(EL); Rating Watch Negative

Rating Action

Johannesburg, 11 September 2020 – GCR Ratings (“GCR”) has downgraded the long-term issue rating assigned to the Partially Guaranteed Notes issued by enX Corporation Limited (“enX”, or the “Issuer”) under the Issuer’s R4bn Domestic Medium-Term Note Programme (the “Programme”) to BBB+_(ZA)(EL) from A-_(ZA)(EL). The rating has been placed on Rating Watch Negative.

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1 week ago

GCR affirms Medihelp Medical Scheme’s national scale financial strength rating of AA-_(ZA); Outlook Stable

Rating action

Johannesburg, 11 September 2020 – GCR Ratings (“GCR”) has affirmed Medihelp Medical Scheme’s (“Medihelp”) national scale financial strength rating of AA-_(ZA), with a Stable outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Medihelp Medical Scheme	Financial strength	National

1 week ago

GCR affirms Tanzania Reinsurance Company Limited’s national scale financial strength rating of A_(TZ); Outlook Evolving

Rating action

Johannesburg, 9 September 2020 – GCR Ratings (“GCR”) has affirmed Tanzania Reinsurance Company Limited’s (“Tan Re”) national scale financial strength rating of A_(TZ), with an Evolving Outlook. Furthermore, Tan Re’s international scale financial strength rating has been affirmed at B-, with the outlook accorded as Negative.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Tanzania Reinsurance ... Read More

1 week ago

GCR withdraws Conduit’s long term and short term issuer ratings without review

Rating Action

Johannesburg, 08 September 2020 – GCR Ratings (“GCR”) has withdrawn Conduit Capital Limited’s (“Conduit”) national scale long term and short term issuer credit ratings of B_(ZA)/B_(ZA), and international scale long term issuer rating of CCC+. The ratings have been withdrawn without affirmation, as no additional analysis was performed. The withdrawal was due to business reasons. Accordingly, GCR will no longer provide ...
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2 weeks ago

Tropical Re assigned an international scale rating of CCC; Outlook Stable, and a national scale rating of BBB+_(ZW); Outlook Evolving

Rating Action

Johannesburg, 07 September 2020 – GCR Ratings (“GCR”) has assigned Tropical Reinsurance Company Limited (“Tropical Re”) an international scale financial strength rating of CCC, with a Stable Outlook. Simultaneously, GCR assigned Tropical Re a national scale financial strength rating of BBB+_(ZW), with the Outlook accorded as Evolving.

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

2 weeks ago

GCR Assigns New Ratings and Affirms Existing Ratings of Notes Issued by MW Asset Rentals (RF) Ltd; Outlook Stable.

Rating Action

Johannesburg, 07 September 2020 – GCR Ratings (“GCR”) has assigned the following national scale long term issue credit rating and outlook to the following Notes (the “New Notes”) issued by MW Asset Rentals (RF) Ltd (the “Issuer”), under its R2.5bn Lease Receivables Backed Note Programme (the “Transaction”), on 04 September 2020:

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2 weeks ago

GCR downgrades Jasco Electronics Holdings Limited’s national scale long-term rating to CC_(ZA) due to materially high refinancing risk; Rating Watch Negative

Rating Action

Johannesburg, 07 September 2020 – GCR Ratings (“GCR”) has downgraded the national scale long term issuer rating assigned to Jasco Electronics Holdings Limited (“Jasco”) to CC_(ZA) from CCC_(ZA).At the same time, GCR has affirmed the national scale short term issuer rating at C_(ZA). All ratings have been placed Rating Watch Negative.

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2 weeks ago

GCR upgrades Omnia’s issuer ratings to BBB+_(ZA)/A2_(ZA) on further stabilisation of the financial profile, Outlook Stable

Rating Action

Johannesburg, 07 September 2020 – GCR Ratings (“GCR”) has upgraded Omnia Holdings Limited and Omnia Group Investments Limited’s long and short-term issuer ratings to BBB+_(ZA) and A2_(ZA) respectively, from BBB-_(ZA) and A3_(ZA) previously. The Outlook has also been revised to Stable, from Negative previously.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Omnia Holdings Limited	Long ... Read More

2 weeks ago

GCR affirms Nedbank Zimbabwe Limited’s national scale long term issuer rating of A_(ZW), with an Evolving Outlook

Rating Action

Johannesburg, 04 September 2020 – GCR Ratings (“GCR”) has affirmed Nedbank Zimbabwe Limited’s national scale long term and short term issuer ratings of A_(ZW) and A1_(ZW) respectively, with an Evolving Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook/Watch
Nedbank Zimbabwe Limited	Long Term issuer	National	A_(ZW)	Evolving Outlook
Nedbank Zimbabwe Limited	Short Term issuer	National	A1_(ZW)	Evolving Outlook

2 weeks ago

GCR Research - View All

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

GCR maintains Insurance Sector Risk Scores for Benin, Burkina Faso, Cameroon and Cote d’Ivoire

The Insurance 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 on ... Read More

Premium research: Latest releases - view more

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

The Dashboard covers the period from November 2018 to August 2020 and is part of GCR’s performance monitoring process and does not constitute rating action or ratings reports. GCR will update the Dashboard at least on a quarterly basis ...
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South African Securitisation Programme (RF) Limited Series 3 (Monitoring Dashboard)

Sep 18, 2020

The Dashboard exhibits performance metrics related to the South African Securitisation Programme (RF) Ltd – Series 3 transaction, which include credit enhancement levels, excess spread, defaults, recoveries and covenants ...

MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

Sep 11, 2020

For July 2020, the 3 Month Average NPL / NPV of Leases, early amortisation trigger was reported at 2.97% marginally close to the 3% covenant. Reflecting an increase in arrears, in line with the current economic environment. ...

Global Equity Investments Ltd (Monitoring Dashboard)

Sep 10, 2020

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

PSG Financial Services Limited

Sep 9, 2020

The rating downgrade is in anticipation of the planned unbundling of PSG Financial Services Limited (“PSGFS”) stake in Capitec Bank Holdings Limited. At the prior rating review in December 2019, Capitec was valued at R48bn and accounted for over 70% ...