GCR Rating Alerts - View All

GCR affirms Momentum Medical Scheme’s national scale financial strength rating of AA_(ZA); Outlook Stable

Rating action

Johannesburg, 1 September 2020 – GCR has affirmed Momentum Medical Scheme’s (“Momentum”) national scale financial strength rating of AA_(ZA), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Momentum Medical Scheme	Financial strength	National	AA_(ZA)	Stable Outlook

The rating action follows a reduction in the South African country and ...
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3 weeks ago

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

Rating Action

Johannesburg, 01 September 2020 – GCR Ratings (“GCR”) has assigned the following national scale long term Indicative issue credit rating and outlook to the following Notes (the “New Notes”) to be issued by MW Asset Rentals (RF) Ltd (the “Issuer”), under its R2.5bn Lease Receivables Backed Note Programme (the “Transaction”), on or around 4 September 2020:

Security Class

3 weeks ago

GCR places Equites Property Fund Limited’s issuer ratings on “Review Extension”

Rating Action

Johannesburg, 31 August 2020 – GCR Ratings (“GCR”) has placed Equites Property Fund Limited’s national scale long and short-term issuer ratings of A+_(ZA) and A1_(ZA) respectively on ‘Review Extension’, due to some internal administrative delays experienced by GCR in finalising the review. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 15 September 2020.

The ...
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3 weeks ago

GCR assigns Bonitas Medical Fund a national scale financial strength rating of AA-_(ZA); Outlook Stable

Rating action

Johannesburg, 31 August 2020 — GCR Ratings (“GCR”) has assigned Bonitas Medical Fund (“Bonitas”) a national scale financial strength rating of AA-_(ZA), with the Outlook accorded as Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Bonitas Medical Fund	Financial strength	National	AA-_(ZA)	Stable Outlook

Rating rationale

The rating assigned to Bonitas ...
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3 weeks ago

GCR places Delta Property Fund Limited’s ratings of B-_(ZA)/B_(ZA) on Rating Watch Negative, following resignation of key personnel

Rating Action

Johannesburg, 31 August 2020 – GCR Ratings (“GCR”) has placed the national scale long and short-term issuer ratings assigned to Delta Property Fund Limited (“Delta”) of B-_(ZA) and B_(ZA) respectively on Rating Watch Negative.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Delta Property Fund Limited	Long Term issuer	National	B-_(ZA)	Rating Watch ... Read More

3 weeks ago

GCR affirms DHMS’s national scale financial strength rating of AAA_(ZA) on strong credit fundamentals, despite a deterioration in the operating environment; Outlook Stable

Rating action

Johannesburg, 31 August 2020 – 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

The rating action follows a reduction in the South African ...
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3 weeks ago

GCR places FBC Reinsurance Limited’s national and international scale financial strength ratings of A_(ZW) and CCC respectively on “Review Extension”

Rating action

Johannesburg, 31 August 2020 – GCR Ratings (“GCR”) has placed FBC Reinsurance Limited’s national and international scale financial strength ratings of A_(ZW) and CCC, respectively on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating results by 30 September 2020. The ratings assigned in the last review are still in effect and remain unchanged until ...
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3 weeks ago

GCR downgrades Hospitality Property Fund Limited’s ratings to BBB_(ZA)/A3_(ZA) as industry pressure rises; Negative Watch maintained

Johannesburg, 28 August 2020 – GCR Ratings (“GCR”) has downgraded Hospitality Property Fund Limited’s (“HPF” or “the REIT”) national scale long and short-term issuer ratings to BBB_(ZA)/A3_(ZA) from A-_(ZA)/A2_(ZA) respectively. Concurrently, the ratings assigned to the Senior Secured Notes issued by HPF have been downgraded to A+_(ZA)(EL) from AA_(ZA)(EL). The Outlook on all the ratings has been maintained on Rating Watch Negative.

3 weeks ago

GCR places enX Partially Guaranteed Notes Issue ratings on “Review Extension”

Rating Action

Johannesburg, 28 August 2020 – GCR Ratings (“GCR”) has placed the issue ratings assigned to the Partially Guaranteed Notes issued by enX Corporation Limited (“enX”, or the “Issuer”) on ‘Review Extension’. The R102m ENX01S Notes were issued under the Issuer’s R4bn Domestic Medium Term Note Programme. The ratings process is ongoing and GCR expects to publicly release the updated rating results ...
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3 weeks ago

GCR Research - View All

GCR requests Public Comments on Draft Criteria for Funds Rating and Criteria for Management Quality Ratings

GCR invites comment on the draft criteria presented and welcomes comments which may be sent to RFC@GCRratings.com, prior to the closing of the comment period on the 10th of July ... Read More

GCR Lowers Insurance Sector Risk Scores for Kenya, Mauritius, South Africa, Tanzania and Zimbabwe

GCR combines elements of the country risk and sectoral risk analysis, blended across countries for entities operating across multiple jurisdictions, to anchor an insurer to its current operating conditions ... Read More

Le niveau élevé des créances de primes : une importante contrainte de notation pour les assureurs et réassureurs non-vie dans la zone CIMA

Sommaire 09 Avril 2020* - GCR Ratings (“GCR”) a publié une analyse sectorielle portant sur le niveau élevé des créances de primes en Zone CIMA qui pèsent sur les notations financières ... Read More

GCR affirms the Ghanaian Financial Institutions’ Sector Risk Score of ‘2.5’ balancing on-going asset quality pressure and good profitability

The Ghanaian financial institutions sector risk score of ‘2.5’ is restrained by the unquantified ramifications of the on-going COVID-19 pandemic and lower commodity prices, which pose major risks to the ... Read More

GCR Lowers 16 Country Risk Scores as Global Challenges Mount

Country Risk Score Action GCR has lowered the public country risk scores on 16 countries to reflect the unprecedented ongoing direct and indirect impact of the COVID-19 pandemic. GCR concurrently ... Read More

GCR Publishes Insurance Sector Risk Score for the Kingdom of Cambodia

Johannesburg, 08 May 2020: GCR Ratings (“GCR”) has published the Insurance Sector Risk Score for the Kingdom of Cambodia (“Cambodia”). The Insurance Sector Risk Scores are available for download at ... Read More

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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% ...