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GCR Rating Alerts - View All
GCR Assigns Global Accelerex Limited an Initial Issuer Rating of BBB+(NG); Outlook Stable.

Lagos Nigeria, 12 January 2021 — Global Credit Ratings has assigned national scale Issuer ratings of BBB+(NG) and A2(NG) in the long term and short term respectively to Global Accelerex Limited, with the outlook accorded as Stable. The ratings are valid until October 2021.

RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit ratings to Global Accelerex Limited (“GAL” or “the Company”) based ...
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2 weeks ago
GCR Affirms Dangote Cement Plc’s Issuer rating of AA+(NG); Outlook Stable.

Lagos Nigeria, 24 December 2020 — Global Credit Ratings (“GCR”) has affirmed the long term and short term national scale Issuer ratings of AA+(NG) and A1+(NG) respectively accorded to Dangote Cement Plc, with the outlook accorded as Stable. Concurrently, GCR has affirmed the national scale long term rating of AA+(NG) accorded to Dangote Cement Plc’s N100bn Series 1 Senior Unsecured Bonds. The ratings are valid ...
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3 weeks ago
GCR affirms Lekki Gardens Estate Limited’s Issuer rating of BBB(NG); Outlook Stable

Lagos, 28 December 2020 — Global Credit Ratings has affirmed the long term and short term national scale Issuer ratings of BBB(NG) and A3(NG) respectively accorded to Lekki Gardens Estate Limited, with the outlook accorded as Stable. The ratings expire in November 2021.

SUMMARY RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit ratings to Lekki Gardens Estate Limited (“LGE” or the “Company”) ...
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3 weeks ago
GCR accords an Indicative Rating of A-(NG) to Lekki Gardens Estate Limited’s Senior Secured Bonds.

Lagos Nigeria, 28 December 2020 — Global Credit Ratings has assigned an indicative national scale long-term rating of ‘A-(NG)’ to Lekki Gardens Estate Limited’s proposed N10bn Fixed Rate Senior Secured Bonds, with the outlook accorded as Stable. The indicative rating expires in May 2021.

RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit rating to Lekki Gardens Estate Limited’s (“the Issuer”) proposed N10bn ...
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3 weeks ago
GCR affirms Eat ‘N’ Go Nigeria Limited’s Issuer rating of BBB(NG); Outlook Stable.

Lagos Nigeria, 29 December 2020 — Global Credit Ratings has affirmed the long term and short term national scale issuer ratings of BBB(NG) and A3(NG) respectively accorded to Eat ‘N’ Go Nigeria Limited, with the Outlook accorded as Stable. Concurrently, the national scale rating accorded to ENG Finance SPV Plc’s N11.5bn Bond Issuance was also affirmed at BBB(NG). The ratings are valid until October 2021.

...
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4 weeks ago
GCR affirms Cell Insurance Company Limited’s national scale financial strength rating of BBB+(ZW); Outlook Positive

Rating Action

Johannesburg, 23 December 2020 – GCR Ratings (“GCR”) has affirmed Cell Insurance Company Limited’s (“Cell”) national scale financial strength rating of BBB+(ZW), with a Positive Outlook.

Rated Entity / Issue Rating class Rating scale Rating Outlook/Watch
Cell Insurance Company Limited Financial strength National BBB+(ZW) Positive Outlook

Rating Rationale

Cell’s national scale financial strength rating reflects ...
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4 weeks ago
GCR places Botswana Insurance Company Limited’s ratings on “Review Extension”

Rating Action

Johannesburg, 23 December 2020– GCR Ratings (“GCR”) has placed Botswana Insurance Company Limited’s (“BIC”) national and international scale financial strength ratings of A+(BW) and BB+ respectively on ‘Review Extension’. GCR is currently working on the process of updating the rating and expects finalisation by 31 January 2021. The ratings assigned in the last review are still in effect and remain unchanged until the ...
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1 month ago
GCR suspends Tausi Assurance Company Limited’s national scale financial strength rating without review

Rating action

Nairobi, 23 December 2020 – GCR Ratings (“GCR”) has suspended Tausi Assurance Company Limited’s (“Tausi”) national scale financial strength rating of A(KE) without review. No information has been received and therefore a review of the ratings cannot be finalised based on GCR’s information sufficiency standard requirement. Accordingly, GCR may continue to provide ratings and analytical coverage for the above said entity should the ...
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1 month ago
GCR suspends Fidelity Shield’s national scale financial strength rating without review

Rating action

Nairobi, 22 December 2020 – GCR Ratings (“GCR”) has suspended Fidelity Shield Insurance Company Limited’s (“Fidelity Shield”) national scale financial strength rating of BBB-(KE) without review. No information has been received and therefore a review of the ratings cannot be finalised based on GCR’s information sufficiency standard requirement. Accordingly, GCR may continue to provide ratings and analytical coverage for the above said entity ...
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1 month ago
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GCR Research - View All
GCR Lowers the South African Medical Schemes Sector Risk Score
The Medical Schemes sector risk score (ranging from 0 to 15) is a key factor in the operating environment component. The core of the GCR Ratings Framework is based on ... Read More
GCR updates the South African Sector Risk Scores to account for 12 weeks of COVID-19 disruptions
GCR has updated its South African Corporate Sector Risk Scores taking into account the negative impact the COVID-19 disruptions have had to the local economic performance, with a view as ... Read More
Credit Spotlight: Issuer Credit Ratings, Issue Credit Ratings and Expected Loss <sub>(‘EL’)</sub> Ratings
GCR has published an industry research piece outlining the differences between issue(r) credit ratings and expected loss ratings, as well as the relationship between them. The research piece is aimed ... Read More
South African Banking sector under pressure, with key credit quality indicators expected to follow a negative trend through 2020
The onset of the Covid-19 pandemic has compounded an already strained operating environment and will have a negative impact on asset quality for the banking sector ... Read More
GCR lowers the South African Financial Institutions’ Sector Risk Score to ‘7.5’, from ‘8’
The Financial Institutions sector risk score (ranging from 0 to 15) is a key factor in the operating environment component score. The core of the GCR Ratings Framework is based ... Read More
GCR Commentary: African Banking Sectors and the Covid-19 crisis: First in, First out?
GCR takes three African banking hubs, from the South, East and West of the continent and provides an opinion on how the banking sectors will cope with this potential ‘annus ... Read More
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Premium research: Latest releases - view more

Chubb Insurance South Africa Limited

Chubb Insurance South Africa Limited

Chubb Insurance South Africa Limited’s (“Chubb SA”) national scale financial strength rating was affirmed with a Stable Outlook, supported by the insurer’s very strong financial profile, which is expected to be sustained despite a level of downside risk associated with ...
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Stanbic Bank Zimbabwe Limited

Stanbic Bank Zimbabwe Limited

Dec 21, 2020
The ratings on Stanbic Bank Zimbabwe Limited (“Stanbic Zimbabwe”) reflect the bank’s sound business profile supported by above average market share, good levels of business diversification, franchise strength, and a track record of revenue stability, cognisant of bank’s predominantly monetary ...
Murray & Roberts Holdings Limited

Murray & Roberts Holdings Limited

Dec 18, 2020
The Negative Outlook reflects GCR’s concerns that renewed COVID-19 related disruptions will place further pressures on Murray & Roberts Holdings Limited’s (“M&R” or “the group”) cash flows and thus gearing metrics. Notwithstanding the substantial negative impact the pandemic has had ...
Fortress REIT Limited

Fortress REIT Limited

Dec 17, 2020
The affirmation of Fortress REIT Limited’s (“Fortress”) ratings on 09 December 2020 reflects the REIT’s large, diverse, and high-quality portfolio, through-the-cycle earnings enhancement from its pan-European exposure, as well as the headroom in financial metrics to withstand the weak letting ...
The Heritage Insurance Company Tanzania Limited

The Heritage Insurance Company Tanzania Limited

Dec 17, 2020
The Heritage Insurance Company Tanzania Limited’s (“Heritage Tanzania”) national scale financial strength rating reflects its strong financial profile, supported by very strong capitalisation and liquidity, as well as moderately strong earnings. These credit positives are, however, partially offset by a ...

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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

GCR Ratings Coverage

GCR Ratings Coverage

  • Southern Africa ( 321 )
    • Botswana ( 7 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 6 )
    • Namibia ( 7 )
      • Banks & Non-Bank Financial Institutions ( 6 )
      • Corporate & Public Sector Debt ( 1 )
    • South Africa ( 276 )
      • Banks & Non-Bank Financial Institutions ( 17 )
      • Corporate & Public Sector Debt ( 81 )
      • Insurance ( 38 )
      • Medical ( 19 )
      • Structured and Finance Securitisation ( 94 )
    • Swaziland ( 2 )
      • Insurance ( 2 )
    • Zimbabwe ( 29 )
      • Banks & Non-Bank Financial Institutions ( 7 )
      • Insurance ( 22 )
  • Eastern Africa ( 109 )
    • Kenya ( 56 )
      • Banks & Non-Bank Financial Institutions ( 8 )
      • Corporate & Public Sector Debt ( 9 )
      • Insurance ( 36 )
    • Madagascar ( 1 )
      • Insurance ( 1 )
    • Malawi ( 5 )
      • Insurance ( 5 )
    • Mauritius ( 4 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 3 )
    • Mozambique ( 4 )
      • Insurance ( 4 )
    • Rwanda ( 6 )
      • Banks & Non-Bank Financial Institutions ( 4 )
      • Insurance ( 2 )
    • Tanzania ( 18 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 16 )
    • Uganda ( 11 )
      • Banks & Non-Bank Financial Institutions ( 2 )
      • Insurance ( 9 )
    • Zambia ( 4 )
      • Insurance ( 4 )
  • Western Africa ( 162 )
    • Burkina Faso ( 2 )
      • Insurance ( 2 )
    • Cote D Ivoire ( 4 )
      • Banks & Non-Bank Financial Institutions ( 1 )
      • Insurance ( 3 )
    • Ghana ( 16 )
      • Banks & Non-Bank Financial Institutions ( 6 )
      • Insurance ( 10 )
    • Nigeria ( 136 )
      • Banks & Non-Bank Financial Institutions ( 50 )
      • Corporate & Public Sector Debt ( 49 )
      • Insurance ( 9 )
      • Structured and Finance Securitisation ( 9 )
    • Togo ( 1 )
      • Insurance ( 1 )
    • Benin ( 3 )
      • Insurance ( 3 )
  • Central Africa ( 2 )
    • Cameroon ( 2 )
      • Insurance ( 2 )
  • 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.....

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