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GCR Rating Alerts - View All

GCR has accorded Ekurhuleni Water Care Company Initial Ratings of BBB(ZA)/A3(ZA) with a Stable Outlook

Rating Action

Johannesburg, 20 April 2022 – GCR Ratings (“GCR”) has accorded Ekurhuleni Water Care Company national scale long and short-term Issuer ratings of BBB(ZA) and A3(ZA) respectively. The outlook is Stable.

Rated Entity / Issuer

Rating class

Rating scale

Rating

Outlook / Watch

Ekurhuleni Water Care ...
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4 weeks ago
City of Ekurhuleni assigned an initial South African National Scale Issuer Credit Ratings of BBB(ZA)/B(ZA) with a Stable Outlook balancing its weak performance in recent years against expectations of a strengthening financial profile.

Rating Action

Johannesburg, 20 April 2022 – GCR Ratings (“GCR”) has accorded the City of Ekurhuleni national scale long and short-term Issuer ratings of BBB(ZA) and A3(ZA) respectively. The outlook is Stable.

...
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Rated Entity / Issuer Rating class Rating scale Rating Outlook / Watch
City of Ekurhuleni Long Term Issuer National BBB(ZA) Stable Outlook
Short Term Issuer
4 weeks ago
GCR affirms the AA-(KE)/A1+(KE) ratings of Equity Group Holdings Plc, ratings outlook maintained on Stable to reflect performance resilience

Rating Action

Nairobi, 20 April 2022 – GCR Ratings (“GCR”) has affirmed the unsolicited national scale long and short-term issuer credit ratings of Equity Group Holdings Plc at AA-(KE)/A1+(KE), respectively. The outlook is maintained on Stable.

...
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Rated Entity Rating class Rating scale Rating Outlook
Equity Group Holdings Plc Long Term Issuer National AA-(KE) Stable
Short Term Issuer National
4 weeks ago
GCR upgrades the County Government of Laikipia a national scale long-term issuer rating to BBB-(KE); Outlook Stable.

Rating action

Nairobi, 19 April 2022 – GCR Ratings (“GCR”) has upgraded the County Government of Laikipia’s (“Laikipia” or “the County”) national scale long and short-term issuer ratings to BBB-(KE) and A3(KE), with the Outlook accorded as Stable.

...
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Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
County Government of Laikipia Long Term issuer National BBB-(KE)
4 weeks ago
GCR assigns a national scale long term Issue rating of A-(NG) to Sundry Foods Funding SPV Plc’s N2.5bn Series 1 Senior Unsecured Bonds.

Lagos, 14 April 2022 – GCR Ratings (“GCR”) has assigned a national scale long term issue rating of A-(NG) to Sundry Foods Funding SPV Plc’s N2.5bn Series 1 Senior Unsecured Fixed Rate Bonds, with the Outlook accorded as Stable.

...
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Rated Entity/Issue Rating class Rating scale Rating Outlook / Watch
N2.5bn Series 1 Senior Unsecured Bonds Long Term Issue National A-(NG)
1 month ago
GCR affirms ratings of Class A1 Notes and Class B Notes issued by TUHF Urban Finance (RF) Ltd

Rating Action

Johannesburg, 14 April 2022 – GCR Ratings (“GCR”) has affirmed the long-term issue credit ratings of the Class A1 Notes and Class B Notes issued by TUHF Urban Finance (RF) Ltd (the “Issuer”), under its R2bn Mortgage Loan-Backed Securitisation Scheme (the “Transaction”). This follows GCR’s annual surveillance of the Transaction.

...
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Security Class Stock Code Amount Outstanding Rating Class Rating Scale
1 month ago
GCR affirms Buffalo City Metropolitan Municipality’s National Scale Issuer Ratings of A(ZA)/A1(ZA), Outlook Stable

Rating Action

Johannesburg, 13 April 2022 – GCR Ratings (“GCR”) has affirmed the national scale long and short term issuer ratings assigned to Buffalo City Metropolitan Municipality at A(ZA) and A1(ZA) respectively, with a Stable Outlook.

...
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Rated Entity Rating class Rating scale Rating Outlook / Watch
Buffalo City Metropolitan Municipality Long Term Issuer National A(ZA) Stable Outlook
1 month ago
GCR affirms DHMS’s national scale financial strength rating of AAA(ZA); Outlook Stable

Rating action

Johannesburg, 13 April 2022 – 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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1 month ago
GCR affirms West Coast District Municipality’s rating of A(ZA); Outlook Stable

Rating Action

Johannesburg, 11 April 2022 – 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 affirmed West Coast District Municipality’s long-term international scale rating of B+, Outlook Stable.

...
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Rated Entity Rating class Rating scale Rating Outlook / Watch
1 month ago
GCR upgrades City of Tshwane Metropolitan Municipality rating to CCC+(ZA)/C(ZA) as efforts to improve liquidity take effect; Outlook Positive

Rating Action

Johannesburg, 07 April 2021 – GCR Ratings (“GCR”) has upgraded City of Tshwane Metropolitan Municipality national scale long and short-term issuer ratings to CCC+(ZA) and C(ZA) respectively. The outlook is Positive.

...
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Rated Entity / Issuer Rating class Rating scale Rating Outlook / Watch
City of Tshwane Metropolitan Municipality Long Term issuer National CCC+(ZA) Positive Outlook
1 month ago
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GCR Research - View All

GCR would like to bring to your attention a transaction whereby Moody’s Corporation (Moody’s) is to acquire a 51% stake in GCR.
GCR Ratings (GCR) would like to bring to your attention a transaction whereby Moody’s Corporation (Moody’s) is to acquire a 51% stake in GCR. Please see press release recently issued ... Read More
GCR Publishes Updates on Various Criteria
GCR Ratings has updated and republished four criteria, with minimal changes in each ... Read More
GCR assigns Ethiopia’s insurance sector risk score at 2.75
GCR Ratings has assigned the Federal Democratic Republic of Ethiopia Insurance Sector Risk Score for the first time at 2.75 ... Read More
GCR publishes the updated Country Risk Scores
GCR Ratings has published the reviewed Country Risk Scores. The Country Risk Scores are available for download at https://gcrratings.com/risk-scores/ ... Read More
GCR maintains the United Kingdom of Great Britain & Northern Ireland Financial Institutions’ Sector Risk Score of ‘11.0’
GCR Ratings has maintained the United Kingdom of Great Britain and Northern Ireland Financial Institutions’ sector risk score of ‘11.0’ ... Read More
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9 months ago
Webinar: Risk Scores

Webinar: Risk Scores

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Premium research: Latest releases - view more

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

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 ...
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Credit Rating Report: County Government of Laikipia

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

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

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

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 ...

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GCR Ratings Coverage

GCR Ratings Coverage

  • Southern Africa ( 295 )
    • Botswana ( 5 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 4 )
    • Namibia ( 9 )
      • Banks & Non-Bank Financial Institutions ( 7 )
      • Corporate ( 1 )
      • Insurance ( 1 )
    • South Africa ( 244 )
      • Banks & Non-Bank Financial Institutions ( 24 )
      • Corporate ( 66 )
      • Public Sector ( 5 )
      • Insurance ( 36 )
      • Fund Rating ( 24 )
      • Structured and Finance Securitisation ( 89 )
    • Eswatini ( 1 )
      • Insurance ( 1 )
    • Zimbabwe ( 36 )
      • Banks & Non-Bank Financial Institutions ( 17 )
      • Insurance ( 19 )
  • Eastern Africa ( 92 )
    • Kenya ( 53 )
      • Banks & Non-Bank Financial Institutions ( 9 )
      • Corporate ( 12 )
      • Public Sector ( 6 )
      • Insurance ( 26 )
    • Madagascar ( 1 )
      • Insurance ( 1 )
    • Malawi ( 2 )
      • Insurance ( 2 )
    • Mauritius ( 6 )
      • Banks & Non-Bank Financial Institutions ( 4 )
      • Insurance ( 2 )
    • Mozambique ( 4 )
      • Insurance ( 4 )
    • Rwanda ( 4 )
      • Banks & Non-Bank Financial Institutions ( 3 )
      • Insurance ( 1 )
    • Tanzania ( 10 )
      • Insurance ( 10 )
    • Uganda ( 7 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 6 )
    • Zambia ( 4 )
      • Insurance ( 4 )
  • Western Africa ( 202 )
    • Burkina Faso ( 2 )
      • Insurance ( 2 )
    • Cote D Ivoire ( 1 )
      • Insurance ( 1 )
    • Ghana ( 9 )
      • Banks & Non-Bank Financial Institutions ( 3 )
      • Insurance ( 6 )
    • Nigeria ( 188 )
      • Banks & Non-Bank Financial Institutions ( 77 )
      • Corporate ( 92 )
      • Public Sector ( 3 )
      • Insurance ( 11 )
      • Fund Rating ( 1 )
      • Structured and Finance Securitisation ( 4 )
    • Togo ( 1 )
      • Insurance ( 1 )
    • Benin ( 1 )
      • Insurance ( 1 )
  • Central Africa ( 2 )
    • Cameroon ( 1 )
      • Insurance ( 1 )
  • Northern Africa ( 2 )
    • Egypt ( 2 )
      • Banks & Non-Bank Financial Institutions ( 2 )

GCR Country Risk Scores

Country & Sector Risk Scores

To view GCR's country & sector risk scores, simply hover over a country marked in red.....

To expand the map, or see more information, please click on any of the countries above.

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COVID-19

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.

COVID-19 Resource Portal
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