GCR Rating Alerts - View All

GCR affirms Nigerian Breweries Plc’s national scale long and short term Issuer ratings of AA+_(NG) /A1+_(NG), with the Outlook revised to Positive.

Lagos, Nigeria, 29 April 2022 – GCR Ratings (“GCR”) has affirmed the national scale long term and short term Issuer ratings of AA+_(NG) and A1+_(NG) respectively, assigned to Nigerian Breweries Plc, with the Outlook revised to Positive.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Nigerian Breweries Plc	Long Term Issuer	National	AA+_(NG)	Positive
Nigerian Breweries Plc

2 weeks ago

GCR revises Dangote Cement Plc’s Long Term Issuer rating to AA+_(NG) on group cap, following initial ratings recently assigned to Dangote Industries Limited, Stable Outlook.

Lagos, Nigeria, 29 April 2022 – GCR Ratings (“GCR”) has revised Dangote Cement Plc’s national scale long-term Issuer rating to AA+_(NG), from AAA_(NG) previously, and affirmed the short-term Issuer rating at A1+_(NG), with the Outlook accorded as Stable. This followed a recent review of Dangote Industries Limited (“DIL” or “the Group”), the parent company, which created a group ratings cap at the AA+_(NG). Concurrently, ...
Read More

2 weeks ago

GCR Places Wema Bank Plc’s BBB-_(NG)/A3_(NG) Nigerian National Scale Issuer credit ratings on “Review Extension”.

Lagos, 29 April 2022 – GCR Ratings (“GCR”) has placed Wema Bank Plc’s national scale long and short-term issuer credit ratings of BBB-_(NG) and A3 respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 31 May 2022.

The ratings assigned in the last review are still in effect and remain unchanged until the review ...
Read More

2 weeks ago

GCR affirms Chapel Hill Denham Money Market Fund’s national scale fund rating of AA-_(NG)_(f). Outlook Stable

Lagos, 29 April 2022 – GCR Ratings (“GCR”) has affirmed the national scale fund rating assigned to Chapel Hill Denham Money Market Fund AA-_(NG)(f), with the outlook accorded as Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Chapel Hill Denham Money Market Fund	Fund Rating	National	AA-_(NG)(f)	Stable Outlook

2 weeks ago

GCR places FSDH Asset Management Limited’s A-_(NG)/A2_(NG) National Scale Issuer ratings on “Review Extension”

Lagos, 29 April 2022 – GCR Ratings (“GCR”) has placed FSDH Asset Management Limited’s national scale long and short-term issuer ratings of A-_(NG) and A2_(NG) respectively on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating results before 31 May 2022.

The ratings assigned in the last review are still in effect and remain unchanged until the review ...
Read More

3 weeks ago

GCR revises UPDC Real Estate Investment Trust’s national scale long term Issuer rating to A-_(NG) on Criteria Review, Outlook Stable.

Lagos, Nigeria, 29 April 2022 – GCR Ratings (“GCR”) has revised UPDC Real Estate Investment Trust’s (“UPDC REIT” or “the REIT”) national scale long term Issuer rating to A-_(NG), from BBB_(NG) previously, with the Outlook accorded as Stable. Concurrently, GCR has assigned UPDC REIT a national scale short-term Issuer rating of A2_(NG).

Rated Entity / Issue

Rating class

Rating scale

Rating

Outlook ...
Read More

3 weeks ago

GCR Affirms WSTC Financial Services Limited’s National Scale Long and Short-term Issuer Ratings of BBB-_(NG)/A3_(NG); Outlook Stable.

Rating Action

Lagos, 29 April 2022 – GCR Ratings (“GCR”) has affirmed WSTC Financial Services Limited’s national scale long and short-term ratings of BBB-_(NG) and A3_(NG) respectively, with a Stable Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook
WSTC Financial Services Limited	Long Term Issuer	National	BBB-_(NG)	Stable Outlook
WSTC Financial Services Limited	Short Term Issuer	National	A3_(NG)	Stable Outlook

3 weeks ago

GCR upgrades Old Mutual Insurance Company (Private) Limited’s national scale financial strength rating to AA_(ZW); Outlook Stable

Rating action

Johannesburg, 29^th April 2022 – GCR Ratings (“GCR”) has upgraded Old Mutual Insurance Company (Private) Limited’s (“OMICO”) national scale financial strength rating to AA_(ZW), from AA-_(ZW); with the Outlook maintained as Stable.

Rated entity	Rating class	Rating scale	Rating	Outlook/Watch
Old Mutual Insurance Company (Private) Limited	Financial strength	National	AA_(ZW)	Stable Outlook

Rating rationale

The ...
Read More

3 weeks ago

GCR places Sizwe Medical Scheme’s national scale financial strength rating of A+_(ZA); on ‘Review Extension’

Rating action

Johannesburg, 29 April 2022 – GCR Ratings (“GCR”) has placed Sizwe Medical Scheme’s (“Sizwe”) national scale financial strength rating of A+_(ZA) on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating result by 31 May 2022. The rating assigned in the last review is still valid and remains unchanged until the review process is ...
Read More

3 weeks ago

GCR affirms the ‘A1+(ZA)(sf)’ rating assigned to the Class A Notes issued by Vineyard Road Investments (RF) Ltd

Rating Action

Johannesburg, 29 April 2022 – GCR Ratings (“GCR”) has affirmed the national scale short-term programme credit rating of ‘A1+_(ZA)(sf)’ assigned to the Class A Notes (the “Notes”) issued by Vineyard Road Investments (RF) Ltd (“VRI” or the “Issuer”) from time to time under the Vineyard Road Series Transaction 1 (“VST1” or the “Transaction”).

Security class

Rating class

Rating scale

Rating

3 weeks ago

GCR Research - View All

GCR updates the Nigerian Corporate Sector Risk Scores

GCR Ratings has updated its Nigerian Corporate Sector Risk Scores. Overall, the outcome reflects the stability that is returning to the economy following the COVID-19 disruption. However, cognisance is taken ... Read More

GCR assigns Sierra Leone’s insurance sector risk score at 1.50

GCR Ratings has assigned the Republic of Sierra Leone Insurance Sector Risk Score for the first time at ‘1.50’ ... Read More

A long road to recovery for Zimbabwe and its corporates

GCR Ratings has published an industry report on the Zimbabwean Corporate Sector ... Read More

GCR publishes its 2021 South African Transition and Default Study

GCR has today published its annual South African Transition and Default Study, which includes all GCR’s South African national scale and international scale entity ratings from 2001 to 2021. In ... Read More

Has the South African Private Healthcare Sector finally reached immunity against COVID-19?

GCR Ratings has published an Industry Report on the impact of the COVID-19 pandemic on the South African Private Healthcare Sector to date, and GCR’s expectations of the sector’s performance ... Read More

Premium research: Latest releases - view more

Credit Rating Report: MW Asset Rentals (RF) Limited (2022-05)

MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) with R1.55bn of Class A Notes in issue. The Transaction has four Subordinated Loans outstanding with an aggregate value of R221,399,156. These are ...
Read More

Credit Rating Report: County Government of Laikipia

May 13, 2022

Laikipia’s credit profile has been bolstered by an improvement in operating performance. Both total income and own source revenue (“OSR”) declined in FY20 due to the disruptions caused by the COVID-19 pandemic. However, the County implemented programmes to support residents ...

Credit Rating Report: Jubilee Life Insurance Limited

May 12, 2022

On a stand-alone basis, we view the improvement in Jubilee Life Kenya’s 3Q F21 statutory capital adequacy ratio (“CAR”) to 150% (FY20: 124%; FY19: 118%) as credit positive. The improved solvency level creates comfortable buffers compared to the regulatory minimum ...

Credit Rating Report: The Hollard Insurance Company Limited

May 5, 2022

The Hollard group’s credit profile is bolstered by an entrenched market position, underpinned by a strong franchise in the South African short-term sector (market share of around 8%), and a fairly competitive long-term book with a stable market share of ...

Credit Rating Report: Buffalo City Metropolitan Municipality

May 4, 2022

Cognisance is taken of BCMM’s status as a metropolitan municipality, given its role as a hub of economic activity in the region and the government support received, although its economic base is small and less diverse than some of the ...

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.