GCR Rating Alerts - View All

GCR assigns AA+_(ZA)(EL) ratings to Emira’s new secured note issuance; Outlook Negative

Credit Rating Announcement

Rating Action

Johannesburg, 7 September 2021 – GCR Ratings (“GCR”) has assigned a national scale long-term issue rating of AA+_(ZA)(EL) to the EPF023 Notes issued by Emira Property Fund Limited (“Emira”, or “the REIT”). Concurrently, GCR has affirmed the long-term issue ratings of AA+_(ZA)(EL) assigned to the existing Senior Secured Notes. The Outlook on the ratings is Negative. GCR has ...
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2 weeks ago

GCR downgrades FBC Re’s national scale financial strength rating to A-_(ZW) on weakened financial profile due to hyperinflationary environment; Outlook Evolving

Rating action

Johannesburg, 7^th September 2021 – GCR Ratings (“GCR”) has downgraded FBC Reinsurance Company Limited’s (“FBC Re”) national scale financial strength rating to A-_(ZW), from A_(ZW), with an Evolving Outlook. At the same time, GCR affirmed FBC Re’s international scale financial strength of CCC, Outlook Stable.

Rated entity / Issue

Rating class

Rating scale

2 weeks ago

GCR places FCMB Financing SPV PLC’s Series 1 and Series 3 Bonds Nigerian National Scale Issue credit ratings on “Review Extension”.

Lagos, 03 September 2021 – GCR Ratings (“GCR”) has placed the national scale issue credit ratings of BBB-_(NG)assigned to FCMB Financing SPV Plc’s Series 1 and Series 3 bonds on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 30 September 2021.

The ratings assigned in the last review are still in effect and remain ...
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3 weeks ago

GCR places First City Monument Bank Limited’s Nigerian National Scale Issuer ratings of BBB+_(NG)/A2_(NG) on “Review Extension”.

Lagos, 03 September 2021 – GCR Ratings (“GCR”) has placed First City Monument Bank Limited’s national scale long and short-term issuer credit ratings of BBB+_(NG) and A2 respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 30 September 2021.

The ratings assigned in the last review are still in effect and remain unchanged until ...
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3 weeks ago

GCR extends “Review Extension” on CardinalStone Partners Limited’s issuer ratings

Lagos, 1 September 2021 – GCR Ratings (“GCR”) has extended the ‘Review Extension’ on CardinalStone Partners Limited’s national scale long and short-term issuer credit ratings of BBB-_(NG) and A3_(NG) respectively. The ratings process is ongoing and GCR expects to publicly release the updated rating results before the end of September 2021.

The ratings assigned in the last review are still in effect and remain unchanged ...
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3 weeks ago

GCR Affirms Ecobank Nigeria Limited’s National Scale Long-term and Short-term Issuer Ratings of BBB_(NG) and A3_(NG) respectively, Outlook Stable.

Lagos, 31 August 2021 – GCR Ratings (“GCR”) has affirmed Ecobank Nigeria Limited’s national scale long and short-term issuer ratings of BBB_(NG) and A3_(NG)respectively, with a Stable Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook/Watch
Ecobank Nigeria Limited	Long Term Issuer	National	BBB_(NG)	Stable Outlook
Ecobank Nigeria Limited	Short Term Issuer	National	A3_(NG)	Stable Outlook

Rating rationale

The ...
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3 weeks ago

GCR extends “Review Extension” on Union Bank of Nigeria Plc’s Series 1 and Series 2 Bonds BBB+_(NG) Nigerian National Scale Issue credit ratings.

Lagos, 31 August 2021 – GCR Ratings (“GCR”) has extended the ‘Review Extension’ on the national scale issue credit ratings of BBB+_(NG) assigned to Union Bank of Nigeria Plc’s (“the issuer”) Series 1 and Series 2 Bonds. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 30 September 2021.

The ratings assigned in the last review are still ...
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3 weeks ago

GCR extends “Review Extension” on Union Bank of Nigeria Plc’s BBB+_(NG)/A2_(NG) Nigerian National Scale Issuer credit ratings.

Lagos, 31 August 2021 – GCR Ratings (“GCR”) has extended the ‘Review Extension’ on Union Bank of Nigeria Plc’s national scale long and short-term issuer credit ratings of BBB+_(NG) and A2 respectively. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 30 September 2021.

The ratings assigned in the last review are still in effect and remain unchanged ...
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3 weeks ago

GCR downgrades Occidental Insurance Company Limited’s national scale financial strength rating to BBB_(KE), from A-_(KE) on weakened financial profile; Outlook Stable

Rating action

Johannesburg, 31 August 2021 – GCR Ratings (“GCR”) has downgraded Occidental Insurance Company Limited’s (“OIC Kenya”) national scale financial strength rating to BBB_(KE), from A-_(KE). The Outlook has been revised from Negative to Stable.

Rated entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Occidental Insurance Company Limited	Financial strength	National	BBB_(KE)	Stable Outlook

Rating ...
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3 weeks ago

GCR upgrades NEM Insurance Plc’s financial strength rating to AA-_(NG) on sustained earnings strength; Outlook Stable

Lagos, 30 August 2021 – GCR Ratings (“GCR”) has upgraded NEM Insurance Plc’s national scale financial strength (formerly claims paying ability) rating to AA-_(NG)from A_(NG), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
NEM Insurance Plc	Financial strength	National	AA-_(NG)	Stable Outlook

Rating Rationale

The rating upgrade is ...
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3 weeks ago

GCR affirms Lagos State Government’s national scale long term Issuer rating of A+_(NG), Outlook Positive.

Lagos, Nigeria, 30 August 2021 – GCR Ratings (“GCR”) has affirmed the national scale long term and short term Issuer ratings of A+_(NG)and A1_(NG) respectively accorded to Lagos State Government, with the Outlook accorded as Positive. Concurrently, GCR has affirmed the long term Issue ratings of A+_(NG) each accorded to the existing Programme 3 Series 2 (tranches II & IV) and Series 3 Senior ...
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3 weeks ago

GCR Research - View All

Credit Spotlight: Environmental, Social and Governance Considerations and Issuer Credit Ratings

GCR Ratings has published a Credit Spotlight report which provides an overview of how GCR incorporates environmental, social and governance (ESG) considerations into issuer credit ratings ... Read More

GCR publishes its first regional risk score: the WAEMU score

GCR Ratings has published the West African Economic Monetary Union (“WAEMU”) regional score. The Country Risk Scores of Benin, Burkina Faso, Cote d’Ivoire, Senegal and Togo were therefore reviewed ... Read More

GCR updates the Nigerian Corporate Sector Risk Scores

GCR Ratings has updated its Nigerian Corporate Sector Risk Scores. Inclusion of a risk score for non-discretionary retail, initial score of 3.0 There are no changes to other sector risk ... Read More

Special Report: GCR Risk Score Snapshot as of 19th July 2021

GCR Ratings has published a Special Report which provide a snapshot of the GCR risk scores across GCR’s public issuer credit/financial strength ratings, as of 19 July 2021. The purpose ... Read More

Credit Spotlight: Additional Considerations for Rating Islamic Finance Institutions and Sukuk

GCR’s ratings on Islamic Finance institutions (IFI) and sukuk are not subject to distinct ratings criteria, despite very specific features. Our core framework and sector specific criteria, alongside the below ... Read More

Premium research: Latest releases - view more

Credit Rating Report: AB Finco 2 (RF) Limited -Transaction 3-Series 2

The fact that the Notes are to mature on an earlier date than the Participating Assets makes the “price return” leg of the TRS a fundamental element of the Transaction. Without such feature, the principal of the Notes would not ...
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Credit Rating Report: South African Securitisation Programme (RF) Limited – Series 3

Sep 16, 2021

The capital structure has remained unchanged post the issuance of R276m Class A7 Notes (refinancing maturing R276m Class A2 Notes), R45m Class B7 Notes (refinancing maturing R45m Class B2 Notes) and R20m Class C7 Notes (refinancing maturing R20m Class C2 ...

Credit Rating Report: Fox Street 6 (RF) Limited

Sep 16, 2021

Fox Street 6 (RF) Ltd (“Fox Street 6”, “the Issuer” or “the Transaction”) is a Residential Mortgage-Backed Securities (“RMBS”) securitisation of home loans originated by Investec Bank Ltd (“Investec”) to its private banking clients. This is Investec’s sixth Fox Street ...

Credit Rating Report: Infrastructure Credit Guarantee Company Limited

Sep 15, 2021

Operational uniqueness offers some monopolistic privileges to InfraCredit, with no direct competitor in the country presently. However, the company reflects low level of diversification by product and customer base, and its operations are limited to Nigeria. Earnings growth was mainly ...

Monitoring Dashboard: South African Securitisation Programme (RF) Limited – Series 3

Sep 15, 2021

The Dashboard covers the period from July 2020 to July 2021 and is part of GCR’s performance monitoring process and does not constitute rating action or rating reports. GCR will update the Dashboard at least on a quarterly basis. Read ...