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GCR Rating Alerts - View All
GCR revises CICA Re’s national scale financial strength rating to AAA(TG) on criteria change; affirms the international scale rating at BB+, with both ratings placed on Stable Outlook

Rating Action

Johannesburg, 21 February 2020 – GCR Ratings (“GCR”) has revised Joint Reinsurance Company of Member States of CIMA’s (“CICA Re”) national scale financial strength (formerly claims paying ability) rating to AAA(TG), from AA(TG), with the Outlook accorded as Stable. Furthermore, GCR has affirmed CICA Re’s international scale financial strength (formerly claims paying ability) rating of BB+, with the Outlook maintained at Stable.

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1 month ago
GCR assigns Lidwala Insurance Company Limited an Eswatini national scale financial strength rating of A(SW); Outlook Stable

Rating Action

Johannesburg, 20 February 2020- GCR Ratings (“GCR”) assigned Lidwala Insurance Company Limited (“Lidwala Insurance”) a national scale financial strength rating of A(SW), with the Outlook accorded as Stable.

Rated Entity / Issue Rating class Rating scale Rating Outlook/Watch
Lidwala Insurance Company Limited Financial strength National A(SW) Stable Outlook

Rating Rationale

Lidwala Insurance’s national scale ...
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1 month ago
GCR affirms Old Mutual Institutional Short Term Interest Fund’s rating of AA+(ZA)(f); Outlook Stable.

Rating Action

Johannesburg, 12 February 2020 – GCR Ratings has affirmed the national scale fund rating[1] of AA+(ZA)(f) on Old Mutual Institutional Short Term Interest Fund; with the outlook accorded as Stable.

Rated Entity / Issue

Rating class

Rating scale

Rating

Outlook / Watch

Old Mutual Institutional Short Term ...
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2 months ago
GCR affirms ‘A1+(ZA)(sf)‘ rating assigned to the Notes issued by iVuzi Investments (RF) Limited

Rating Action

Johannesburg, 6 February 2020 – GCR Ratings (“GCR”) has affirmed the national scale short-term credit ratings of ‘A1+(ZA)(sf)’ assigned to the Asset Backed Commercial Paper (“ABCP” or the “Notes”) issued by iVuzi Investments (RF) Limited (“iVuzi” or the “Issuer”) from time to time under the Issuer’s R15bn hybrid ABCP Programme (the “Programme”). The ratings relate to timely payment of interest and principal.

The ...
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2 months ago
GCR upgrades Centum Investment Company Plc’s Issuer Rating to A+(KE) due to the redemption of debt; Outlook Stable.

Rating Action

Johannesburg, 16 January 2020 – GCR Ratings (“GCR”) has upgraded the long term Issuer rating on Centum Investment Company Plc (“Centum”) to A+(KE) from A(KE), and maintained the short term rating at A1(KE); with a Stable Outlook.

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Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
Centum Investment Company Plc Issuer Long Term
3 months ago
GCR affirms the ratings assigned to Global Equity Investments 1 – 14 Limited

Rating Action

Johannesburg, 14 January 2020 – GCR Ratings (“GCR”) has affirmed the international scale long term ratings assigned to the securities issued by the Primary Investment Vehicles (“PIVs”) trading as Global Equity Investments (“GEI”) 1 to GEI 14 and maintained their respective outlooks.

The rating actions reflect GCR’s December 2019 affirmation of the rating assigned to Investec Bank Plc, which effects a cap ...
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3 months ago
GCR affirms SONAR IARD’s national scale financial strength rating of A+(BF); Outlook Stable.

Rating Action

Johannesburg, 27 December 2019 – GCR Ratings (“GCR”) has affirmed Société Nationale d’Assurances et de Reassurances’ (“SONAR IARD”) national scale financial strength (formerly claims paying ability) rating of A+(BF), with the Outlook accorded as Stable.

Rated Entity / Issue

Rating class

Rating scale

Rating

Outlook/Watch

Société ...
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3 months ago
GCR withdraws Bidvest Insurance Limited’s rating

Rating Action

Johannesburg, 23 December 2019 – GCR Ratings (“GCR”) has withdrawn Bidvest Insurance Limited’s (“Bidvest Insurance”) national scale claims paying ability rating for business reasons. Accordingly, GCR will no longer provide analytical coverage on the insurer. The national scale claims paying ability rating of A(ZA) was not reviewed before withdrawal, as no additional analysis was conducted, and was last updated in January 2019.

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3 months ago
GCR downgrades Emeritus Re Zambia’s national scale rating to B(ZM); Negative Outlook and international scale rating to CCC-; Stable Outlook

Rating Action

Johannesburg, 23 December 2019 – GCR Ratings (“GCR”) has downgraded Emeritus Reinsurance Zambia Limited’s (“Emeritus Re Zambia”) national scale financial strength (formerly claims paying ability) rating to B(ZM) from BBB(ZM). The rating has been taken off Negative Watch, with a Negative Outlook accorded. Furthermore, GCR has downgraded Emeritus Re Zambia’s international scale financial strength (formerly claims paying ability) rating to CCC- from B-, ...
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3 months ago
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GCR Research - View All
GCR releases South African sector risk scores for Construction and engineering, Hospitality and Gaming
Summary 08 November 2019 - GCR Ratings (“GCR”) has released South African Corporate Sector Risk Scores for the Construction and engineering, Hospitality and Gaming industries. These South African Sector Risk ... 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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