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 ... Read More

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.

Rated Entity / Issuer	Rating class	Rating scale	Rating	Outlook / Watch
City of Ekurhuleni	Long Term Issuer	National	BBB_(ZA)	Stable Outlook
City of Ekurhuleni	Short Term Issuer			Stable Outlook

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.

Rated Entity	Rating class	Rating scale	Rating	Outlook
Equity Group Holdings Plc	Long Term Issuer	National	AA-_(KE)	Stable
Equity Group Holdings Plc	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.

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.

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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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.

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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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.

Rated Entity / Issuer	Rating class	Rating scale	Rating	Outlook / Watch
City of Tshwane Metropolitan Municipality	Long Term issuer	National	CCC+_(ZA)	Positive Outlook
City of Tshwane Metropolitan Municipality				Positive Outlook

1 month ago

GCR Research - View All

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

Premium research: Latest releases - view more

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

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

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

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

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 ...

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.