GCR Rating Alerts - View All

GCR affirms the ‘A1_(ZA)(sf)’ rating assigned to the Callable Notes issued by iNkotha Investments (RF) Ltd

Rating action

Johannesburg, 4 May 2021 – GCR Ratings (“GCR”) has affirmed the national scale short-term Programme credit rating of ‘A1_(ZA)(sf)’ assigned to the Callable Notes (the “Notes”) issued by iNkotha Investments (RF) Ltd (“iNkotha” or the “Issuer”) under the Issuer’s R10bn domestic call bond fund programme (the “Programme”).

Security Class	Rating class	Rating scale	Rating	Programme Limit
Callable Notes

6 days ago

GCR downgrades SANRAL’s national scale credit rating to A-_(ZA)/ A2_(ZA) from A_(ZA)/ A1_(ZA), on heightened medium term refinancing risk

Rating Action

Johannesburg, 04 May 2021 – GCR Ratings (“GCR”) has downgraded South African National Roads Agency SOC Limited’s (“SANRAL”) national scale issuer ratings to A-_(ZA) and A2_(ZA)for the long and short term respectively, the outlook remains on Negative. Concurrently, the long-term international scale issuer rating assigned to SANRAL has been affirmed at B+, outlook Negative.

Rated Entity / Issue

6 days ago

GCR affirms West Coast District Municipality’s rating of A_(ZA); Outlook Stable

Rating Action

Johannesburg, 29 April 2021 – GCR Ratings (“GCR”) has affirmed West Coast District Municipality’s national scale issuer ratings of A_(ZA) and A1_(ZA) in the long and short-term respectively, with a Stable Outlook.

Concurrently, GCR has accorded a long-term international scale rating of B+, outlook Stable.

Rated Entity	Rating class	Rating scale	Rating	Outlook / Watch
West ... Read More

2 weeks ago

GCR places three Kenyan County Government issuer ratings on “Review Extension”

Rating Action

Nairobi, 29 April 2021 – GCR Ratings (“GCR”) has placed the National Scale long and short-term issuer ratings of the following County Governments on ‘Review Extension’:

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
County Government of Kisumu	Long Term Issuer	National	BB_(KE)	Stable Outlook
County Government of Kisumu	Short Term Issuer	National	B_(KE)	Stable Outlook

2 weeks ago

GCR affirms Oryx Properties Limited’s Rating at BBB_(NA). Outlook Stable

Rating Action

Johannesburg, 23 April 2021 – GCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings assigned to Oryx Properties Limited (“Oryx” or “the fund”) at BBB_(NA) and A3_(NA), respectively. The Outlook is Stable.

Rated Entity / Issue

Rating class

Rating scale

Rating

Outlook / Watch

2 weeks ago

GCR assigns Forty Two Point Two BBB+/A2, AAA_(MU)/A1+_(MU) and AAA_(ZA)/A1+_(ZA) long term and short term international and national scale ratings respectively. Outlook Stable

Rating Action

Ebene, 22 April 2021 – GCR Ratings (“GCR”) has assigned Mauritian and South African national scale long and short-term issuer ratings to Mauritius based Forty Two Point Two of AAA_(MU)/A1+_(MU) and AAA_(ZA)/A1+_(ZA),respectively, both with a Stable Outlook. At the same time, GCR has assigned international scale long and short-term issuer ratings to Forty Two Point Two of BBB+/ A2, also with ...
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3 weeks ago

GCR affirms Sizwe’s national scale financial strength rating of A+_(ZA) after court dismissal of curatorship application and approved amalgamation with Hosmed; Stable Outlook

Rating action

Johannesburg, 22 April 2021 – GCR Ratings (“GCR”) has affirmed Sizwe Medical Fund’s (“Sizwe”) national scale financial strength rating of A+_(ZA), with the Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Sizwe Medical Fund	Financial strength	National	A+_(ZA)	Stable Outlook

Rating rationale

Sizwe’s national scale financial strength rating balances the scheme’s ...
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3 weeks ago

GCR accords an Indicative BBB_(NG)_(IR) National Scale Rating to Daraju Industries Funding Plc’s proposed N10bn Series 1 Senior Unsecured Bond Issue.

Lagos, Nigeria, 19 April 2021 – GCR Ratings (“GCR”) has assigned a national scale long term indicative rating of BBB_(NG)(IR) to Daraju Industries Funding Plc’s proposed N10bn Series 1 Senior Unsecured Bonds. The Outlook on the rating is Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
N10bn Series 1 Bond	Long Term Issue	National	BBB_(NG)(IR)*

3 weeks ago

GCR affirms DHMS’s national scale financial strength rating of AAA_(ZA) on sustained credit profile strength; Outlook Stable

Rating action

Johannesburg, 16 April 2021 – GCR Ratings (“GCR”) has affirmed Discovery Health Medical Scheme’s (“DHMS”) national scale financial strength rating of AAA_(ZA), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Discovery Health Medical Scheme	Financial strength	National	AAA_(ZA)	Stable Outlook

Rating rationale

DHMS’s national scale financial strength rating reflects ...
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3 weeks ago

GCR Research - View All

GCR updates the South African Sector Risk Scores

GCR Ratings has updated its South African Corporate Sector Risk Scores. The negative impact of COVID-19 had been taken into account in the reviews conducted in 2020. Overall, the outcome ... Read More

GCR Releases a Frequently Asked Questions Publication on State Owned Entities

GCR Ratings has released a Frequently Asked Questions (“FAQ”) publication on State Owned Entities (“SOEs”). The publication applies to issuer credit ratings and issue credit ratings (on both national and ... Read More

GCR publishes the updated Country Risk Scores

GCR Ratings (“GCR”) has published the reviewed Country Risk Scores. The Country Risk assessment, which is a key part of the operating environment score, interacts with GCR ratings in four ... Read More

Low insurance penetration hamstrings East Africa’s short term insurance sector despite progressive regulatory initiatives

GCR Ratings has published the East Africa Short Term Insurance Bulletin, which discusses GCR’s 2020 short term insurance public credit ratings in Kenya, Tanzania and Uganda, and the 2021 outlook ... Read More

The Kenyan Banking Sector: Resilient in the Face of Increasing Challenges

Going into the COVID-19 pandemic, the Kenyan banking sector was already experiencing challenges from deteriorating asset quality and moderating growth. While the interest rate cap was blamed for the reduction ... Read More

Insurance Interrupted, South African Short-Term Insurance Industry Remains Resilient but Downside Risks Prevail

The short-term insurance industry outperformed the broader economy, reflecting resilient demand for insurance. Sample gross written premium (“GWP”) growth nevertheless moderated to 5% from 8% in 2019 but is expected ... Read More

Premium research: Latest releases - view more

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

The Dashboard covers the period from February 2020 to February 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 ...
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Monitoring Dashboard: South African Securitisation Programme (RF) Limited – Series 2

Apr 22, 2021

Monitoring Dashboard: South African Securitisation Programme (RF) Limited – Series 1

Apr 22, 2021

Credit Rating Report: Uganda Reinsurance Company

Apr 22, 2021

Earnings capacity is expected to persist within an intermediate range, albeit under pressure, reflecting underwriting profit dilution from less profitable growth. Underwriting margin compression is largely expected from premium advancement in the medical line, which exhibits high loss volatility, offsetting ...

Industry Report: A Moderately Less Bleak House; GCR’s 2021 outlook for South African REITs

Apr 15, 2021

GCR believes that South African REITs’ performance fundamentals will remain under pressure in 2021. However, if less restrictive COVID-19 lockdown levels remain in place, short-term operating risks should ease and allow for greater stability, although the longer-term trajectory is dependent ...

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