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GCR Rating Alerts - View All
GCR affirms ‘A1+(ZA)(sf)’ rating assigned to the Class A Notes issued by Vineyard Road Investments (RF) Ltd

Rating Action

Johannesburg, 4 March 2020 – GCR Ratings (“GCR”) has affirmed the national scale short-term programme credit rating of ‘A1+(ZA)(sf)’ assigned to the Class A Notes (the “Notes”) issued by Vineyard Road Investments (RF) Ltd (“VRI” or the “Issuer”) from time to time under the Vineyard Road Series Transaction 1 (“VST1”).

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Security class Rating class Rating scale Rating Programme Amount
4 weeks ago
GCR affirms Netcare Limited’s Long Term Issuer rating at AA-(ZA), Stable Outlook.

Rating Action

Johannesburg, 03 March 2020 – GCR Ratings (“GCR”) has affirmed the long term Issuer rating of Netcare Limited of AA-(ZA). Concurrently, GCR has affirmed Netcare Limited’s short term Issuer rating of A1+(ZA). The Outlook is Stable.

Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
Netcare Limited Issuer Long Term National AA-(ZA) Stable ...
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4 weeks ago
GCR places Continental Reinsurance Company Limited on ‘Ratings Review Extension’

Johannesburg, 28 February 2020 – GCR Ratings (“GCR”) has today placed Continental Reinsurance Company Limited’s national scale and international scale financial strength (formerly claims paying ability) ratings of A-(BW) and BB- respectively on ‘Review Extension’. GCR is progressing with the current review and expects to publicly release the updated rating results by the end of March 2020.

Analytical Contacts

Godfrey Chingono Matthew ...
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1 month ago
GCR assigns the Momentum Money Market Fund national scale fund rating of AA+(ZA)(f); Outlook Stable.

Rating Action

Johannesburg, 28 February 2020 – GCR Ratings has assigned a national scale fund rating of AA+(ZA)(f) to Momentum Money Market Fund; with the outlook accorded as Stable.

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Rated Entity / Issue Rating class Rating scale Rating Outlook/Watch

Momentum Money Market Fund

Fund Rating

National

AA+(ZA)(f)

Stable Outlook
1 month ago
GCR affirms Western National SA’s national scale financial strength rating of A(ZA) with a Stable Outlook

Rating Action

Johannesburg, 28 February 2020 – GCR Ratings (“GCR”) has affirmed Western National Insurance Company Limited’s (“Western National SA”) South Africa national scale financial strength (formerly claims paying ability) rating of A(ZA), with the Outlook accorded as Stable.

Rated Entity / Issue Rating class Rating scale Rating Outlook/Watch
Western National Insurance Company Limited Financial strength National A(ZA) Stable ...
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1 month ago
GCR extends Under Criteria Observation applicable to The Hollard Insurance Company Limited’s rating

Summary

Johannesburg, 28 February 2020 – GCR Ratings has extended the Under Criteria Observation applicable to The Hollard Insurance Company Limited’s rating.

In May and June 2019, GCR Ratings (“GCR”) published its new GCR Ratings Framework, consisting of criteria for the Ratings Framework, as well as accompanying criteria for specific underlying sectors (collectively referred to as “the Criteria”). The Criteria are available on GCRratings.com/criteria. At ...
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1 month ago
GCR withdraws Transmed Medical Fund’s national scale financial strength rating

Rating Action

Johannesburg, 28 February 2020 – GCR Ratings (“GCR”) has withdrawn Transmed Medical Fund’s (“Transmed”) national scale financial strength rating of BB(ZA), Negative Outlook. The rating has been withdrawn without affirmation, as no separate analysis was performed. The withdrawal was due to commercial reasons. Accordingly, GCR will no longer provide ratings or analytical coverage for Transmed.

Rated Entity / Issue Rating ...
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1 month ago
GCR affirms A1+(ZA)(sf) rating assigned to the Notes issued by iMpumelelo CP Note Programme 1 (RF) Ltd

Rating Action

Johannesburg, 26 February 2020 – GCR Ratings (“GCR”) has affirmed the national scale short-term credit rating of ‘A1+(ZA)(sf)’ assigned to the Asset Backed Commercial Paper (“ABCP” or the “Notes”) issued by iMpumelelo CP Note Programme 1 (RF) Ltd (“iMpumelelo” or the “Issuer”) from time to time under the Issuer’s R10bn hybrid Serialised Note Programme (the “Programme”).

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Security class Rating class
1 month ago
GCR affirms Clientèle Life’s national scale financial strength rating of A+(ZA) with a Stable Outlook and withdraws rating

Rating Action

Johannesburg, 25 February 2020 – GCR Ratings (“GCR”) has affirmed Clientèle Life Assurance Company Limited’s (Clientèle Life) national scale financial strength rating of A+(ZA), with the Outlook accorded as Stable. At the same time, GCR has withdrawn Clientèle Life’s rating for business reasons. Accordingly, GCR will not longer provide coverage on the insurer.

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Rated Entity / Issue Rating class
1 month ago
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GCR Research - View All
GCR Ratings in South Africa appoints Kevin Hogarth as 3rd Independent Non-Executive Director
Johannesburg, South Africa, December 11, 2019 GCR Ratings, the leading provider of credit ratings across Africa, today announced the appointment of Mr Kevin Hogarth as Independent Non-Executive Director to the ... Read More
GCR improves the Ghanaian Financial Institutions Sector Risk Score to ‘2.5’
Johannesburg, 4th December 2019 - GCR Ratings (“GCR”) has improved the Ghanaian financial institutions’ sector risk score to ‘2.5’ from ‘2’, upon improving sector-wide asset quality and stability of government ... Read More
Hyperinflationary economy raises risks for rated Zimbabwean Financial Institutions.
Effective July 1, 2019, Zimbabwean entities are now required to apply International Accounting Standard 29 (“IAS 29”), ‘Financial Reporting in Hyperinflationary Economies’, in their financial reporting. We believe the implementation ... Read More
GCR publishes Insurance Criteria FAQ for Applying Regulatory Insulation to Financial Strength Ratings
GCR has introduced a FAQ on the Criteria for Rating Insurance Companies to provide greater clarity regarding the approach to regulatory insulation for FSR ratings. In essence, the criteria allows ... Read More
GCR Publishes New Appendix to Criteria for Rating Financial Services Companies: Asset Management Issuer Credit Ratings
Summary 18 November 2019 - GCR Ratings (“GCR”) has published the Appendix to Criteria for Rating Financial Services Companies: Asset Management Issuer Credit Ratings. The criteria is available for download ... Read More
GCR Publishes New Criteria for Rating Investment Holding Companies
Summary 18 November 2019 - GCR Ratings (“GCR”) has published the Criteria for Rating Investment Holding Companies. The criteria is available for download at GCRratings.com/criteria. Overview GCR introduces the Criteria ... Read More
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Premium research: Latest releases - view more

iNkotha Investments (RF) Ltd (Monitoring Dashboard)

iNkotha Investments (RF) Ltd (Monitoring Dashboard)

The Dashboard exhibits performance metrics related to the iNkotha (RF) Ltd transaction, which include the weighted average credit rating, ratings of underlying assets and obligor concentration ...
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Compass Securitisation (RF) Limited (Monitoring Dashboard)

Compass Securitisation (RF) Limited (Monitoring Dashboard)

Jan 22, 2020
In December 2019, monthly defaults of R4.4m increased the "Aggregate Net Defaults for last 12 Months" trigger to 2.68% (maximum: 2.7%). GCR's analysis shows that, assuming recoveries and purchases of additional Equipment Leases for January 2020 remain similar to those ...
Fox Street 3 (RF) Ltd (Monitoring Dashboard)

Fox Street 3 (RF) Ltd (Monitoring Dashboard)

Jan 21, 2020
The Dashboard exhibits performance metrics related to the Fox Street 3 (RF) Ltd transaction, which include credit enhancement levels, excess spread, prepayments, defaults, recoveries and covenants ...
Global Equity Investments Ltd (Monitoring Dashboard)

Global Equity Investments Ltd (Monitoring Dashboard)

Jan 20, 2020
The Dashboard monitors the movement in the ratings of the underlying linked credit and key counterparties of Global Equity Investments 1-14 Ltd ...
Compass Securitisation (RF) Limited (Monitoring Dashboard)

Compass Securitisation (RF) Limited (Monitoring Dashboard)

Jan 14, 2020
The Dashboard exhibits performance metrics related to the Compass Securitisation (RF) Ltd transaction, which include credit enhancement levels, excess spread, defaults, recoveries and covenants ...

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

GCR Ratings Coverage

GCR Ratings Coverage

  • Southern Africa ( 245 )
    • Botswana ( 6 )
      • Banks & Non-Bank Financial Institutions ( 3 )
      • Insurance ( 3 )
    • Namibia ( 6 )
      • Banks & Non-Bank Financial Institutions ( 5 )
      • Corporate & Public Sector Debt ( 1 )
    • South Africa ( 233 )
      • Banks & Non-Bank Financial Institutions ( 16 )
      • Corporate & Public Sector Debt ( 31 )
      • Insurance ( 28 )
      • Structured and Finance Securitisation ( 121 )
  • Eastern Africa ( 106 )
    • Kenya ( 40 )
      • Banks & Non-Bank Financial Institutions ( 13 )
      • Corporate & Public Sector Debt ( 8 )
      • Insurance ( 19 )
    • Madagascar ( 1 )
      • Insurance ( 1 )
    • Malawi ( 4 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 3 )
    • Mauritius ( 3 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 2 )
    • Mozambique ( 4 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 3 )
    • Rwanda ( 5 )
      • Banks & Non-Bank Financial Institutions ( 4 )
      • Insurance ( 1 )
    • Tanzania ( 11 )
      • Banks & Non-Bank Financial Institutions ( 3 )
      • Insurance ( 8 )
    • Uganda ( 7 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 5 )
    • Zambia ( 3 )
      • Insurance ( 3 )
    • Zimbabwe ( 28 )
      • Banks & Non-Bank Financial Institutions ( 15 )
      • Insurance ( 13 )
  • Western Africa ( 93 )
    • Burkina Faso ( 1 )
      • Insurance ( 1 )
    • Cote D Ivoire ( 3 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Corporate & Public Sector Debt ( 1 )
      • Insurance ( 1 )
    • Ghana ( 9 )
      • Banks & Non-Bank Financial Institutions ( 4 )
      • Insurance ( 5 )
    • Nigeria ( 78 )
      • Banks & Non-Bank Financial Institutions ( 23 )
      • Corporate & Public Sector Debt ( 23 )
      • Insurance ( 6 )
      • Structured and Finance Securitisation ( 7 )
    • Togo ( 1 )
      • Insurance ( 1 )
    • Benin ( 1 )
      • Insurance ( 1 )
  • Central Africa ( 2 )
    • Angola ( 1 )
      • Insurance ( 1 )
    • 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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