GCR Rating Alerts - View All

GCR affirms Genric Insurance Company Limited’s national scale financial strength rating of A-_(ZA); Outlook Stable

Rating action

Johannesburg, 23 July 2020 – GCR Ratings (“GCR”) has affirmed Genric Insurance Company Limited’s (“Genric”) national scale financial strength rating of A-_(ZA), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Genric Insurance Company Limited	Financial strength	National	A-_(ZA)	Stable Outlook

Rating rationale

Genric’s national scale financial strength rating was ...
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3 weeks ago

GCR upgrades Fidelity Bank Ghana Limited’s national scale ratings reflecting good liquidity and resilient performance; Outlook Stable

Rating action

Johannesburg, 23 July 2020 – GCR Ratings (“GCR”) has upgraded Fidelity Bank Ghana Limited’s national scale long term and short term ratings to A_(GH) and A1_(GH) from A-_(GH) and A2_(GH) respectively, with a Stable Outlook.

Rated Entity	Rating class	Rating scale	Rating	Outlook/Watch
Fidelity Bank Ghana Limited	Long Term issuer	National	A_(GH)	Stable Outlook
Fidelity Bank Ghana Limited	Short Term ... Read More			Stable Outlook

3 weeks ago

GCR affirms Medshield Medical Scheme’s national scale financial strength rating of AA-_(ZA); Outlook Stable

Rating action

Johannesburg, 22 July 2020 – GCR has affirmed Medshield Medical Scheme’s (“Medshield”) national scale financial strength rating of AA-_(ZA), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Medshield Medical Scheme	Financial strength	National	AA-_(ZA)	Stable Outlook

The rating action follows a reduction in the South African country and ...
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3 weeks ago

GCR affirms Bankmed’s national scale financial strength rating of AA+_(ZA); Outlook Stable

Rating action

Johannesburg, 22 July 2020 – GCR Ratings (“GCR”) has affirmed Bankmed’s national scale financial strength rating of AA+_(ZA), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Bankmed	Financial strength	National	AA+_(ZA)	Stable Outlook

The rating action follows a reduction in the South African country and medical schemes sector risk ...
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3 weeks ago

GCR affirms Compass Insure’s national scale financial strength rating of AA_(ZA); Outlook Stable

Rating Action

Johannesburg, 22 July 2020 – GCR Ratings (“GCR”) has affirmed Compass Insurance Company Limited’s (“Compass Insure”) national scale financial strength rating of AA_(ZA), with a Stable Outlook.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Compass Insurance Company Limited	Financial strength	National	AA_(ZA)	Stable Outlook

The rating action follows a reduction in the ...
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3 weeks ago

GCR affirms Infiniti Insurance Limited’s national scale financial strength rating of A-_(ZA); Outlook Stable

Rating Action

Johannesburg, 22 July 2020 – GCR Ratings (“GCR”) has affirmed Infiniti Insurance Limited’s (“Infiniti”) national scale financial strength (formerly claims ability) rating of A-_(ZA), with the outlook accorded as Stable.

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook/Watch
Infiniti Insurance Limited	Financial ... Read More

3 weeks ago

GCR downgrades Rebosis Property Fund Limited’s ratings to D_(ZA)

Rating Action

Johannesburg, 21 July 2020 – GCR Ratings (“GCR”) has downgraded the national scale long and short-term issuer ratings assigned to Rebosis Property Fund Limited (“Rebosis”) to D_(ZA).

Rated Entity / Issue	Rating class	Rating scale	Rating	Outlook / Watch
Rebosis Property Fund Limited	Long Term issuer	National	D_(ZA)	n.a
Rebosis Property Fund Limited	Short Term issuer	National	D_(ZA)	n.a

3 weeks ago

GCR affirms Vukile ratings following review of operating environment scores and redemption of Group 1 Notes; Outlook Stable

Rating Action

Johannesburg, 21 July 2020 – GCR Ratings (“GCR”) has updated the operating environment assessment supporting Vukile Property Fund Limited’s (“Vukile” or “the REIT”) national scale long-term and short-term issuer ratings of AA-_(ZA) and A1+_(ZA) respectively. Concurrently, the ratings assigned to outstanding Senior Secured Group 1 Notes issued by Vukile have been affirmed at AAA_(ZA)(EL). The Outlook on all the ratings is ...
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3 weeks ago

GCR withdraws the ratings on NIC Bank Kenya PLC and Commercial Bank of Africa Limited

Rating Action

Johannesburg, 20 July, — GCR has withdrawn the ratings on NIC Bank Kenya PLC (‘’NIC”) and Commercial Bank of Africa Limited (‘’CBA’’), without review, as the legal entities have merged into a new legal entity. Accordingly, GCR will no longer provide ratings or analytical coverage for NIC and CBA. The ratings were last reviewed in February 2019.

Rated ...
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4 weeks ago

GCR Research - View All

GCR reduces the Kenyan Sector Risk Scores for Hospitality and Discretionary Retail

Summary 08 April 2020 - GCR Ratings (“GCR”) has reduced the following Kenyan Corporate Sector Risk Scores in light of the COVID-19 crisis: Kenyan Hospitality to ‘3.0’, from ‘4.0’ Kenyan ... Read More

Corporate Performance Negatively Impacted by COVID-19.

GCR Ratings has published an industry research piece on the impact of the COVID-19 crisis on the Kenyan Corporate Sector: Key highlights of the research are: GCR expects the disruptions ... Read More

External Risks Set to Challenge Kenyan Banks in 2020

GCR Ratings has published a Kenyan Banking Sector research piece for 2020. Some of the highlights of the research are: Currently, GCR expects the impact of the COVID-19 inspired global ... Read More

COVID-19 pandemic risks likely to delay positive developments in Botswana's short-term insurance industry

Summary 06 April 2020 - GCR Ratings (“GCR”) has published an industry research piece on the potential for ongoing credit positive economic and regulatory reforms in Botswana to positively impact ... Read More

GCR expects the Kenyan insurance industry to be positively impacted by successful enforcement of the cash and carry regulation

Summary 02 April 2020 - GCR Ratings (“GCR”) has published an industry research piece on how the Kenyan insurance industry will be positively impacted by successful enforcement of the cash ... Read More

Pandemics and economic shocks: in 2020 Country Risks are rising fast but risk differentiation is not yet clear

GCR Ratings has published a Special Report on Country Risk for 2020. Key highlights of the research are: The global response to the Covid-19 Pandemic will extinguish global economic growth ... Read More

Premium research: Latest releases - view more

Curro Holdings Limited

The ratings assigned to Curro Holdings Limited are underpinned by the relative stability of the education sector in the currently uncertain operating environment, coupled with the group’s positive earnings growth trajectory and proactive management of liquidity. Curro’s financial profile continues ...
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Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

Aug 7, 2020

Annualised negative excess spread of -1.8% was reported at May 2020. This reflects the impact of the economic lockdown implemented in the months of March, April and May 2020 amid the COVID-19 pandemic. The cumulative excess spread is estimated to ...

MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

Aug 7, 2020

Fully Performing Leases (+ leases up to 30 days in arrears) as a percentage of book exposure was the lowest since October 2016 at 90.4% in June 2020, in line with current economic environment. However, the Fully Performing Leases (+ ...

Octodec Investments Limited

Aug 6, 2020

Octodec’s portfolio quality assessment is constrained by high concentration to properties in the inner cities of Pretoria and Johannesburg, although this is counterbalanced by a very granular asset and tenant profile. We also note that despite the largely short-dated weighted ...

South African Securitisation Programme (RF) Limited – Series 3

Aug 4, 2020

The rating action reflects the unchanged capital structure post annual review, asset performance and our credit and cash flow analysis using the most recent collateral data at May 2020. GCR also performed a re-rating exercise given the amended credit risk ...