Rating Action

Johannesburg, 15 July 2021 – GCR Ratings (“GCR”) has affirmed 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 the ratings is Stable.

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GCR updates the Kenya Corporate Sector Risk Scores

GCR Ratings has updated its Kenyan Corporate Sector Risk Scores. Overall, the outcome of the current review reflects a weakening operating environment, with economic pressures across almost all sectors. Accordingly, ... Read More

GCR Reviews Financial Institutions Sector Risk Scores for Ghana and Zimbabwe

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: Nigeria’s Capital Markets: Robust Corporate Debt Issuance Expected Over 2021

Nigerian debt capital market activity has increased significantly in recent years, with a record of N1.02 Trillion (USD 2.69 Billion) of local currency debt instruments issued in 2020 ... Read More

Profit in the Policies: Ugandan Insurance Sector’s regulatory changes set to improve market fundamentals, spur consolidation and longer-term penetration

GCR Ratings has published a report which examines the performance of the Ugandan insurance sector and evaluates the impact of five recent regulatory directives issued by the Insurance Regulatory Authority ... Read More

Structured Finance Trends: 2020 Review and 2021 Outlook

GCR Ratings has published its annual bulletin on the performance of the Structured Finance Sector for 2020 and Outlook for 2021 taking account of Residential Mortgage-Backed Securities, as well as, ... Read More

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Credit Rating Report: Tropical Reinsurance Company Limited

Tropical Re maintained a healthy competitive profile, underpinned by a resilient captive book from cedants within the Nzou Holdings Ltd group (the reinsurer’s parent and its subsidiaries, including three cedants in Zimbabwe and Zambia). The predominantly hard currency premium base ...
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Credit Rating Report: Shelter Afrique

Jul 30, 2021

Shelter Afrique is a relatively small regional Multilateral Development Bank (‘MDB’) established with a mandate to provide affordable housing in Africa. Its modest size (with developmental exposures of just over USD164mln at FY20) is a relative strain to its ability ...

Credit Rating Report: eThekwini Municipality

Jul 29, 2021

eThekwini’s strong financial profile is underpinned by its relatively moderate gearing and high cash holdings. Thus, gross debt has remained in the R8bn to R9bn range over most years under review, with cash holdings trending around R6bn. As the Metro ...

Credit Rating Report: AECI Limited (2021-07)

Jul 22, 2021

AECI's strong business profile is underpinned by leading positions in commercial mining explosives (where it is one of the five largest global suppliers) and chemicals manufacturing. The group’s business profile also benefits from integrated processes, a strong supply chain, as ...

Credit Rating Report: Rand Merchant Bank Nigeria Limited

Jul 20, 2021

RMBN’s strong capitalisation is a key rating strength, with capital adequacy ratio (“CAR”) consistently exceeding the regulatory threshold by a significant margin. As at FY20, CAR was robust at 47.5% (FY19: 50.1%), relative to the regulatory minimum of 10%, thus ...