GCR Rating Alerts - View All

GCR affirms First Assurance Company Limited’s national scale financial strength rating of BBB+_(KE); Outlook Negative

Rating action

Nairobi, 23 September 2020 – GCR Ratings (“GCR”) has affirmed First Assurance Company Limited’s (“First Assurance”) national scale financial strength rating of BBB+_(KE), with the Outlook accorded as Negative

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
First Assurance Company Limited	Financial strength	National	BBB+(KE)	Negative Outlook

1 month ago

GCR assigns Investec Specialist Investments BCI Enhanced Income Fund an initial fund rating of AA-_(ZA)(f); Outlook Stable.

Rating Action

Johannesburg, 23 September 2020 – GCR Ratings has assigned an initial national scale fund rating^[1] of AA-_(ZA)(f) on Investec Specialist Investments BCI Enhanced Income Fund, with the outlook accorded as Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Investec Specialist Investments BCI Enhanced Income Fund	Fund Rating	National	AA-_(ZA)(f)	Stable Outlook

1 month ago

GCR affirms Bank of Kigali Plc’s and BK Group Plc’s national scale issuer ratings of AA+_(RW) and AA_(RW), respectively; Outlooks Stable

Rating Action

Johannesburg, 23 September 2020, GCR Ratings (‘GCR’) has affirmed the Rwandan long and short-term issuer ratings on Bank of Kigali Plc (‘Bank of Kigali’, ‘the bank’) of AA+_(RW) and A1+_(RW), respectively, with outlook accorded as Stable. At the same time, GCR has affirmed BK Group Plc’s (‘BK Group’, ’the group’) national scale long and short-term issuer ratings of AA_(RW) and A1+_(RW), respectively, with ...
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1 month ago

GCR assigns A_(ZA)(EL) ratings to Accelerate’s new secured note issuance; Outlook Negative

Rating Action

Johannesburg, 22 September 2020 – GCR Ratings (“GCR”) has assigned national scale long term issue ratings to the APF14 Notes issued by Accelerate Property Fund Limited (“Accelerate”, or “the REIT”) of A_(ZA)(EL). Concurrently, GCR has affirmed the long-term issue ratings of A_(ZA)(EL) assigned to the existing Senior Secured Notes. The Outlook on all the ratings is Negative.

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1 month ago

GCR affirms Victoria Commercial Bank Limited’s national scale issuer rating of BBB+_(KE), Outlook Negative

Rating Action

Johannesburg, 22 September 2020 – GCR Ratings (“GCR”) has affirmed the Kenyan long and short-term issuer ratings on Victoria Commercial Bank Limited of BBB+_(KE)/A2_(KE), with outlook revised to Negative.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Victoria Commercial Bank Limited	Long Term issuer	National	BBB+_(KE)	Negative Outlook
Victoria Commercial Bank Limited	Short Term issuer	National		Negative Outlook

1 month ago

GCR affirms CBZ Life Limited’s national scale financial strength rating of A_(ZW); Outlook revised to Negative due to elevated operating environment risks

Rating action

Johannesburg, 22 September 2020 – GCR Ratings (“GCR”) has affirmed CBZ Life Limited’s (“CBZ Life”) national scale financial strength rating of A_(ZW), with the Outlook revised to Negative.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
CBZ Life Limited	Financial strength	National	A_(ZW)	Negative Outlook

Rating rationale

The rating affirmation reflects ...
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1 month ago

GCR affirms Lion of Africa’s national scale financial strength rating of CC_(ZA), Positive Outlook and withdraws rating

Rating action

Johannesburg, 21 September 2020 – GCR Ratings (“GCR”) has affirmed Lion of Africa Insurance Company Limited’s (“Lion of Africa”) national scale financial strength rating of CC_(ZA) and accorded a Positive Outlook to the rating. Subsequently, the rating has been withdrawn due to business reasons. Accordingly, GCR will no longer provide coverage on the issuer.

Rated Entity / Issue

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1 month ago

GCR upgrades Resilient REIT’s issuer rating to AA_(ZA) on conservative financial profile; Outlook Stable

Rating Action

Johannesburg, 17 September 2020 – GCR Ratings (“GCR”) has upgraded Resilient REIT Limited’s (“Resilient” or “the REIT”) national scale long-term issuer rating to AA_(ZA), from AA-_(ZA)previously. At the same time, Resilient’s national scale short term issuer rating has been affirmed at A1+_(ZA). The ratings remain on Stable Outlook.

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1 month ago

GCR affirms Investec Property Fund’s A+_(ZA) rating following operating environment assessment review, Outlook Evolving

Rating Action

Johannesburg, 17 September 2020 – GCR Ratings (“GCR”) has affirmed Investec Property Fund Limited’s (“IPF”) long and short term national scale issuer ratings of A+_(ZA) and A1_(ZA) respectively, with the Evolving outlook maintained.

Rated Entity	Rating class	Rating scale	Rating	Outlook / Watch
Investec ... Read More

1 month ago

GCR Research - View All

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

GCR Publishes the Country Risk Score for the Kingdom of Cambodia

Summary 07 May 2020 - GCR Ratings (“GCR”) has assigned a ‘4.5’ Country Risk Score for the Kingdom of Cambodia (“Cambodia”), mapping table 4.5 to 5.0. GCR concurrently updated the ... Read More

GCR publishes its 2019 South African Transition and Default Study

Johannesburg, 01 May 2020—GCR has today published its annual South African Transition and Default Study, which includes all GCR’s South African national scale and international scale entity ratings from 2001 ... Read More

Namibia’s insurance industry likely to remain resilient over the near term supported by strong sector dynamics in the face of persistent sluggish local economic performance compounded by COVID-19 pandemic risks

Summary 23 April 2020 - GCR Ratings (“GCR”) has published an industry research piece on Namibia’s insurance sector performance in the face of a persistently challenging economic environment, which is ... Read More

GCR releases the Namibian Property Sector Risk Score

The Namibian Property sector risk score balances below average cyclicality and relatively sound returns against the adverse impact of structural and economic limitations National Government has been grappling with for ... Read More

COVID-19 risks and oil price shocks likely to curb near term gains from regulatory reforms in the Ghanaian short term insurance industry

GCR Ratings has published an industry research piece on how COVID-19 risks and oil price shocks are likely to curb near term gains from regulatory reforms in the Ghanaian short ... Read More

Premium research: Latest releases - view more

NSIA Insurance Company Limited

NSIA Insurance Company Limited’s rating reflects a very strong financial profile along with demonstrated support from the parent company, NSIA Participations S.A. Offsetting these rating strengths is a very limited business position, given the relatively small size of the insurer ...
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Equites Property Fund Limited

Oct 26, 2020

GCR placed the ratings assigned to Equites Property Fund Limited on Positive Outlook. The outlook change acknowledges Equites’ conservatively funded, high-quality logistics portfolio, which continues to outperform many domestic peers despite vagaries of the COVID-19 pandemic. The REIT’s UK portfolio ...

PSG Konsult Limited

Oct 26, 2020

The ratings of PSG Konsult Limited are underpinned by prudent risk management, with a large quantum of cash and cash equivalents supporting a strong and liquid balance sheet. This is complemented by sound cash generative capacity, no interest-bearing debt and ...

Ecobank Zimbabwe Limited

Oct 23, 2020

The ratings on Ecobank Zimbabwe Limited reflect the bank’s sound financial profile relative to rated peers in the adverse operating environment. The ratings also reflect a sound business profile, supported by above average franchise strength, good levels of business diversification, ...

Centum Real Estate Limited

Oct 23, 2020

The ratings accorded balance Centum Real Estate Limited’s strong competitive position, conservative liquidity and adequate leverage levels against the substantial risks inherent in real estate development. GCR has considered Centum RE’s strong brand recognition (as part of CICP) in support ...