GCR Rating Alerts - View All

GCR accords credit ratings to the Notes issued by Urban Ubomi 1 (RF) Limited

Rating Action

Johannesburg, 23 March 2021 – GCR Ratings (“GCR”) has accorded the following long-term issue credit ratings to the various Classes of Notes issued by Urban Ubomi 1 (RF) Limited (the “Issuer” or “Urban Ubomi 1”) on 23 March 2021:

Security Class	Issued Amount (ZAR)	Rating Class	Rating Scale	Rating	Outlook/ Rating Watch
Class A1 Notes	202,000,000	Issue Long-Term

2 months ago

GCR withdraws ratings of securities issued by Global Equity Investments on full redemption

Rating Action

Johannesburg, 25 March 2021 – GCR Ratings (“GCR”) has withdrawn the international scale long term ratings of the securities issued by the Primary Investment Vehicles (“PIVs”) trading as Global Equity Investments (“GEI”), following the full redemption of the securities. As such, the ratings of the securities issued by GEI 1, GEI 5, GEI 6, GEI 7, GEI 10, GEI 11, GEI 12, GEI ...
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2 months ago

GCR assigns an initial national scale long term Issuer rating of BBB+_(NG) to ENL Consortium Limited, Outlook Stable.

Lagos, Nigeria, 23 March 2021 – GCR Ratings (“GCR”) has assigned national scale long term and short term Issuer ratings of BBB+_(NG) and A2_(NG) respectively to ENL Consortium Limited; with the Outlook accorded as Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
ENL Consortium Limited	Long Term Issuer	National	BBB+_(NG)	Stable Outlook
ENL Consortium Limited				Stable Outlook

2 months ago

GCR affirms Lagos State Government’s national scale long term Issuer rating of A+_(NG), Outlook Positive.

Lagos, Nigeria, 22 March 2021 – GCR Ratings (“GCR”) has affirmed the national scale long term and short term Issuer ratings of A+_(NG)and A1_(NG) respectively accorded to Lagos State Government, with the Outlook accorded as Positive. Concurrently, GCR has affirmed the long term Issue rating of A+_(NG) each accorded to the existing Programme 3, Series 1, Series 2 (tranches I-IV) and Series 3 ...
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2 months ago

GCR Assigns Long and Short-term A-_(NG)/A2_(NG) National Scale Issuer Ratings to FSDH Asset Management Limited; Outlook Stable

Lagos, 18 March 2021 – GCR Ratings (“GCR”) has assigned FSDH Asset Management Limited national scale long and short-term issuer ratings of A-_(NG) and A2_(NG) respectively; with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
FSDH Asset Management Limited	Long Term issuer	National	A-_(NG)	Stable Outlook
FSDH Asset Management Limited	Short Term issuer	National	A2_(NG)	Stable Outlook

2 months ago

GCR affirms rating of Class A Notes and upgrades rating of Class B Notes issued by TUHF Urban Finance (RF) Ltd

Rating Action

Johannesburg, 18 March 2021 – GCR Ratings (“GCR”) affirmed the long-term issue credit rating of the Class A1 Notes and upgraded the long-term issue credit rating of the 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.

Security Class

Stock ...
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2 months ago

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

Rating Action

Johannesburg, 12 March 2021 – 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” or the “Transaction”).

Security class

Rating class

Rating scale

Rating

2 months ago

GCR assigns National Housing Finance Corporation SOC Limited B+/B and A_(ZA)/A1_(ZA) long & short-term, international and national scale ratings, respectively. Outlook Stable

Rating Action

11 March 2021 – GCR Ratings (“GCR”) has assigned national scale long and short-term issuer ratings to Johannesburg based National Housing Finance Corporation SOC Limited (“NHFC”) of A_(ZA)/A1_(ZA), with a Stable Outlook. At the same time, GCR has assigned international scale long and short-term issuer ratings to NHFC of B+/ B, also with a Stable Outlook.

Rated Entity

Rating ...
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2 months ago

GCR places three Kenyan County Government issuer ratings on “Review Extension”

Rating Action

Johannesburg, 10 March 2021 – GCR Ratings (“GCR”) has placed the National Scale long and short-term issuer ratings of the following County Governments on ‘Review Extension’:

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
County Government of Kisumu	Long Term Issuer	National	BB_(KE)	Stable Outlook
County Government of Kisumu	Short Term Issuer	National	B_(KE)	Stable Outlook

2 months ago

GCR Research - View All

Despite the disruption caused by COVID-19 East Africa remains the continent’s fastest-growing region. GCR’s East Africa manager Sylvia Chahonyo recently moderated a discussion hosted by Invest Africa on political and ... Read More

GCR Ratings, Africa’s largest credit rating agency, expands into Francophone Africa with the acquisition of Senegal-based WARA

GCR Ratings is very pleased to announce the acquisition of a 65% shareholding in West Africa Rating Agency S.A. (WARA), a Senegal domiciled and Francophone Africa focused Credit Rating Agency ... Read More

GCR Lowers the Country Risk Score for the Republic of Zambia

Country Risk Score Action GCR has lowered the public country risk score on the Republic of Zambia following the missed interest payment and announced suspension of debt service to external ... Read More

GCR publishes Frequently Asked Questions on how GCR analyse legal entities operating within groups

Summary 12 Nov 2020 - GCR Ratings (“GCR”) has published a Special Report on how we analyse legal entities within larger operating groups. The report is available for download at: ... Read More

GCR Releases a Frequently Asked Questions Publication on Distressed Debt Exchanges

GCR Ratings has released a Frequently Asked Questions (“FAQ”) publication on Distressed Debt Exchanges (“DDEs”) and the related transition of the ratings of issuers that are in distress ... Read More

2020 HY Review for Kenyan Banks: Pressure starting to show, but the systemic risk is low

GCR expects the combined impact of the COVID-19 inspired global and domestic slowdown, alongside the locust swarm in Q120, to reduce Kenya’s economic growth to around 1%-2% in 2020 ... Read More

Premium research: Latest releases - view more

Monitoring Dashboard: South African Securitisation Programme (RF) Limited – Series 3

The Dashboard covers the period from February 2020 to February 2021 and is part of GCR’s performance monitoring process and does not constitute rating action or rating reports. GCR will update the Dashboard at least on a quarterly basis. Read ...
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Monitoring Dashboard: South African Securitisation Programme (RF) Limited – Series 2

Apr 22, 2021

Monitoring Dashboard: South African Securitisation Programme (RF) Limited – Series 1

Apr 22, 2021

Credit Rating Report: Uganda Reinsurance Company

Apr 22, 2021

Earnings capacity is expected to persist within an intermediate range, albeit under pressure, reflecting underwriting profit dilution from less profitable growth. Underwriting margin compression is largely expected from premium advancement in the medical line, which exhibits high loss volatility, offsetting ...

Industry Report: A Moderately Less Bleak House; GCR’s 2021 outlook for South African REITs

Apr 15, 2021

GCR believes that South African REITs’ performance fundamentals will remain under pressure in 2021. However, if less restrictive COVID-19 lockdown levels remain in place, short-term operating risks should ease and allow for greater stability, although the longer-term trajectory is dependent ...

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