GCR Rating Alerts - View All

GCR affirms KAP Industrial’s A+_(ZA)/A1_(ZA) issuer ratings based on recovery in earnings and credit metrics, Outlook Stable

Rating Action

Johannesburg, 19 November 2021 – GCR Ratings (“GCR”) has affirmed KAP Industrial Holdings Limited’s long-term and short-term national scale issuer ratings of A+_(ZA) and A1_(ZA) respectively, with a Stable Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook / Watch
KAP Industrial Holdings Limited	Long Term Issuer	National	A+_(ZA)	Stable Outlook
KAP Industrial Holdings Limited	Short Term Issuer	National		Stable Outlook

2 weeks ago

GCR accords an Indicative Rating to Lagos State Government’s N125bn Series IV Bonds.

Lagos, 19 November 2021 – GCR Ratings (“GCR”) has accorded an indicative long term credit rating of A+_(NG)(IR) to Lagos State Government’s (“Lagos State” or “the State”) proposed N125bn Series IV Senior Unsecured Fixed Rate Bonds, with the Outlook accorded as Positive.

Rated Entity/Issue	Rating class	Rating scale	Rating	Outlook / Watch
N125bn Series IV Senior Unsecured Bonds	Long Term ... Read More

2 weeks ago

GCR accords an Indicative Rating to Eat & Go Finance SPV Plc’s N3.5bn Series 2 Bonds.

Lagos, 19 November 2021 – GCR Ratings (“GCR”) has accorded an indicative long term Issue credit rating of BBB_(NG)(IR) to Eat & Go Finance SPV Plc’s proposed N3.5bn Series 2 Senior Unsecured Fixed Rate Bonds, with the Outlook accorded as Stable.

Rated Entity/Issue	Rating class	Rating scale	Rating	Outlook / Watch
N3.5bn Series 2 Senior Unsecured Bonds	Long Term Issue

2 weeks ago

GCR affirms Ashburton Stable Income Fund’s national scale fund rating of AA-_(ZA)(f); Outlook Stable.

Rating action

Johannesburg, 19 November 2021 – GCR Ratings (“GCR”) has affirmed Ashburton Stable Income Fund’s national scale fund rating* of AA-_(ZA)(f), with the outlook accorded as Stable.

Rated Entity	Rating class	Rating scale	Rating*	Outlook / Watch
Ashburton Stable Income Fund	Fund rating	National	AA-_(ZA)(f)	Stable

*	Fund ratings provide an opinion ... Read More

2 weeks ago

GCR affirms Ashburton Money Market Fund’s national scale fund rating of AA+_(ZA)(f); Outlook Stable.

Rating action

Johannesburg, 19 November 2021 – GCR Ratings (“GCR”) has affirmed Ashburton Money Market Fund’s national scale fund rating* of AA+_(ZA)(f), with the outlook accorded as Stable.

Rated Entity	Rating class	Rating scale	Rating*	Outlook / Watch
Ashburton Money Market Fund	Fund rating	National	AA+_(ZA)(f)	Stable

*	Fund ratings provide an opinion ... Read More

2 weeks ago

GCR places Jubilee Life Insurance Limited’s national scale financial strength rating of AA-_(KE) on ‘Review Extension’

Rating action

Johannesburg, 19 November 2021 – GCR Ratings (“GCR”) has placed Jubilee Life Insurance Limited’s (“Jubilee Life Kenya”) national scale financial strength rating of AA-_(KE)on ‘Review Extension’. The rating process is ongoing and GCR expects to update the rating by 31 December 2021. The rating assigned in the last review is still in effect and remains unchanged until the review process is ...
Read More

2 weeks ago

GCR affirms First Mutual Reinsurance Company Limited’s national scale financial strength rating of BBB_(ZW) and withdraws rating

Rating action

Johannesburg, 19 November 2021 – GCR Ratings (“GCR”) has affirmed First Mutual Reinsurance Company Limited’s (“First Mutual Re”) national scale financial strength rating of BBB_(ZW). Subsequently, the rating has been withdrawn due to business reasons. Accordingly, GCR will no longer provide coverage on the issuer.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
First Mutual ... Read More

2 weeks ago

GCR affirms Fortress REIT Limited’s AA-_(ZA)/A1+_(ZA) national scale issuer ratings given its defensive portfolio and sound financial profile; Outlook Stable

Rating Action

Johannesburg, 18 November 2021 – GCR Ratings (“GCR”) has affirmed Fortress REIT Limited’s (“Fortress”) national scale long and short term issuer ratings of AA-_(ZA) and A1+_(ZA) respectively, with a Stable Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook / Watch
Fortress REIT Limited	Long Term Issuer	National	AA-_(ZA)	Stable Outlook
Fortress REIT Limited	Short Term Issuer	National		Stable Outlook

2 weeks ago

GCR affirms Grand Reinsurance Company (Private) Limited’s national scale financial strength rating of AA+_(ZW); Outlook Stable

Rating action

Johannesburg, 18 November 2021 – GCR Ratings (“GCR”) has affirmed Grand Reinsurance Company (Private) Limited’s (“Grand Re”) national scale financial strength rating of AA+_(ZW), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Grand Reinsurance Company (Private) Limited	Financial strength	National	AA+_(ZW)	Stable Outlook

Rating rationale

Grand Re’s rating ...
Read More

2 weeks ago

GCR affirms Sasfin BCI Optimal Income Fund’s national scale fund rating of AAA_(ZA)(f); Outlook Stable.

Rating action

Johannesburg, 18 November 2021 – GCR Ratings (“GCR”) has affirmed Sasfin BCI Optimal Income Fund’s national scale fund rating* of AAA_(ZA)(f), with the outlook accorded as Stable.

Rated Entity	Rating class	Rating scale	Rating*	Outlook / Watch
Sasfin BCI Optimal Income Fund	Fund rating	National	AAA_(ZA)(f)	Stable

*	Fund ratings provide ... Read More

2 weeks ago

GCR Upgrades Fidelity Bank Plc’s National Scale Long-term and Short-term Issuer Credit Ratings to A_(NG) and A1_(NG) Respectively, Outlook Revised to Stable from Negative.

Lagos, 17 November 2021 – GCR Ratings (“GCR”) has upgraded Fidelity Bank Plc’s national scale long-term and short-term issuer credit ratings to A_(NG) and A1_(NG)from A-_(NG)and A2_(NG) respectively, with the Outlook revised to Stable from Negative.

Rated Entity	Rating class	Rating scale	Rating	Outlook/Watch
Fidelity Bank Plc	Long Term issuer	National	A_(NG)	Stable Outlook
Fidelity Bank Plc	Short Term ... Read More			Stable Outlook

2 weeks ago

GCR Research - View All

Agriculture insurance in the CIMA zone: An economic solution for the region but a threat to the insurance sector’s financial stability

GCR Ratings has published a research report on the potential benefits of agricultural insurance to the economies of the CIMA zone. The potential risks that the underwriting of this product ... Read More

GCR reviews the Country Risk Score and Sector Risk Scores for South Africa due to the recent Civil Unrest

GCR Ratings has taken note of the recent geopolitical events from 7 July 2021 which sparked violent looting and riots in Kwa-Zulu Natal and Gauteng amongst others. Although these events ... Read More

GCR Assigns the Zimbabwean Medical Schemes Sector Risk Score

GCR Ratings has assigned the Zimbabwean Medical Schemes Sector Risk Score of 1.75. The score is underpinned by very limited regulatory oversight and transparency on industry performance, albeit evidencing low ... Read More

GCR Publishes Updated Criteria for Secured Bond Expected Loss Credit Ratings

GCR has published an update to the Criteria for Secured Bond Expected Loss Credit Ratings. The criteria is available for download at GCRratings.com/criteria. The criteria titled ‘Criteria for Secured Bond ... 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 secondary manufacturing, initial score of 2.0 There are no changes to other sector risk ... Read More

Premium research: Latest releases - view more

Credit Rating Report: Flour Mills of Nigeria Plc

GCR considers FMN to be moderately geared. Despite the spike in gross debt by N26.5bn to c.N150bn at FY21, net debt to EBITDA moderated to 1.3x (FY20: 1.8x) on the back of higher quantum of earnings and substantial cash holding ...
Read More

Credit Rating Report: Dufil Prima Foods Plc.

Nov 30, 2021

Earnings are a ratings strength. Dufil has reported strong revenue progression over the years, with 8% growth in earnings in FY20 despite COVID 19 pandemic crisis and other related issues. Growth was underpinned by slight increase in price and higher ...

Credit Rating Report: Resilient REIT Limited

Nov 30, 2021

The portfolio delivered a robust performance for FY21 despite the challenging landscape with the imposition of trading restrictions through the peak festive period resulting in a 5% contraction in revenue. This continues to demonstrate the defensiveness of the South African ...

Credit Rating Report: FBC Bank Limited

Nov 30, 2021

The risk profile is a slight ratings positive, supported by sound asset quality metrics. Nonetheless, cognisance is taken of the prevailing challenging operating environment, which poses vulnerability to sector wide asset quality. The bank’s loan book is skewed toward the ...

Credit Rating Report: Old Mutual ST Insurance (Botswana) Limited

Nov 25, 2021

Risk adjusted capitalisation is strong underpinned by low market risk and somewhat manageable credit risk exposures relative to the capital base. Consistent internal capital generation buoyed the capital base to BWP113.9m (FY19: BWP101.2m), after a conservative dividend distribution of BWP5m ...