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GCR Rating Alerts - View All
GCR affirms KAP Industrial’s A+(ZA) rating due to cash preservation amidst elevated industry risks. Outlook Stable.

Rating Action

Johannesburg, 25 March 2020 – GCR Ratings (“GCR”) has affirmed the national scale long term and short term Issuer ratings accorded to KAP Industrial Holdings Limited (“KAP” or “the group”) of A+(ZA) and A1(ZA) respectively, with a Stable Outlook.

Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch
KAP Industrial Holdings Limited Long ...
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2 months ago
GCR Withdraws TPS Eastern Africa Plc’s Issuer Ratings

Rating Action

Johannesburg, 24 March 2020- GCR Ratings (“GCR”) has withdrawn TPS Eastern Africa Plc’s national scale long term and short-term issuer ratings for commercial reasons. The ratings were withdrawn without review as no additional analysis was performed. Accordingly, GCR will no longer provide ratings or analytical coverage for TPS EA. The ratings were last reviewed in October 2019.

...
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Rated Entity/Issue
2 months ago
GCR reviews the ratings assigned to Global Equity Investments 2, 3, 8, 10, 12 and 14 Limited

Rating Action

Johannesburg, 24 March 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”) 2, GEI 3, GEI 10, GEI 12 and GEI 14 while maintaining their respective outlooks.

At the same time, GCR has downgraded the rating assigned to GEI 8 to ‘BB+(sf) ...
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2 months ago
GCR downgrades Constantia and Conduit’s Financial Strength and Long Term Issuer ratings to BB(ZA) and B(ZA), respectively; Negative Watch

Rating Action

Johannesburg, 18 March 2020 – GCR Ratings (“GCR”) has downgraded Constantia Insurance Company Limited’s (“Constantia”) South Africa national scale financial strength rating to BB(ZA) from A-(ZA) with the rating maintained on Negative Watch. Furthermore, GCR has downgraded Conduit Capital Limited’s (“Conduit”) national scale long term and short-term issuer credit ratings to B(ZA)/B(ZA) from BBB(ZA)/A3(ZA), with the ratings maintained on Negative Watch and ...
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3 months ago
GCR Statement on COVID-19

Dear Valued Stakeholders,


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, and we are doing our best to keep our employees, communities and offices safe.

Following the outbreak of COVID-19, and aligned to the directives issued by various governments, GCR has taken ...
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3 months ago
GCR revises HFGA Re’s financial strength rating to A-(MU) on criteria change, Outlook Stable

Rating Action

Johannesburg, 17 March 2020 – GCR Ratings (“GCR”) has revised Home Finance Guarantors Africa (Reinsurance) Limited’s (“HFGA Re”) Mauritius national scale financial strength (formerly claims paying ability) rating to A-(MU) from A+(MU), with the Outlook accorded as Stable. The lowering of the rating does not reflect a change in credit fundamentals but is a result of implementation of the new methodology.

...
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3 months ago
GCR Withdraws ASL Limited’s Issuer Ratings

Rating Action

Johannesburg, 13 March 2020- GCR Ratings (“GCR”) has withdrawn the national scale long term and short term issuer ratings assigned to ASL Limited (“ASL”), without affirmation as no additional analysis was performed. The withdrawal was due to commercial reasons. Accordingly, GCR will no longer provide ratings or analytical coverage for ASL. The ratings were last reviewed in December 2019.

...
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3 months ago
GCR upgrades Compass Insure’s national scale financial strength rating to AA(ZA) from AA-(ZA) ; Outlook Stable

Rating Action

Johannesburg, 11 March 2020 – GCR Ratings (“GCR”) has upgraded Compass Insurance Company Limited’s (“Compass Insure”) national scale financial strength rating to AA(ZA), with the outlook accorded as Stable.

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

Rating Rationale

The rating action reflects ...
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3 months ago
GCR assigns the County Government of Makueni an initial Issuer rating of BBB(KE), stable Outlook

Rating Action

Johannesburg, 11 March 2020 – GCR Ratings (“GCR”) has assigned the County Government of Makueni Issuer ratings of BBB(KE) and A3(KE) for the long and short term respectively, with a Stable Outlook.

...
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Rated Entity / Issue Rating class Rating scale Rating Outlook/Watch
County Government of Makueni Long Term Issuer National BBB(KE) Stable Outlook
Short Term Issuer
3 months ago
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GCR Research - View All
Pressure on valuations, soft equity prices signal weakening REIT financial profiles
Summary 16 March 2020 - GCR Ratings (“GCR”) has published an industry research piece on observed dynamics in the South African property sector. The update is available for download at: ... Read More
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Premium research: Latest releases - view more

Oryx Properties Limited

Oryx Properties Limited

The ratings counterbalance Oryx Properties Limited’s (“Oryx” or “the fund”) small and highly concentrated portfolio against its strong through-the-cycle earnings performance, as well as the recently adopted cash preservation initiatives, which are expected to shore up the fund’s financial profile ...
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African Oxygen Limited

African Oxygen Limited

May 28, 2020
The ratings on African Oxygen Limited reflect the strong funding profile, underpinned by robust cash generation despite sustained weakness in the South African operating climate. GCR’s view is further supported by Afrox’s strongly entrenched market position and advantages of its ...
Emira Property Fund Limited

Emira Property Fund Limited

May 22, 2020
The sound performance of Emira Property Fund Limited’s (“Emira”, “the REIT” or “the fund”) small but relatively diverse portfolio continues to underpin the ratings, despite heightened funding and asset risk faced by the South African property sector.
The rebalanced Emira portfolio ...
Compass Securitisation (RF) Limited - Monitoring Dashboard

Compass Securitisation (RF) Limited – Monitoring Dashboard

May 20, 2020
The Dashboard covers the period from March 2019 to March 2020 and is part of GCR’s performance monitoring process and does not constitute rating action or rating report. GCR will update the Dashboards at least on a quarterly basis. The ...
Discovery Health Medical Scheme

Discovery Health Medical Scheme

May 18, 2020
Discovery Health Medical Scheme’s (“DHMS”) rating is supported by the scheme’s very strong membership profile (market leading position in the open schemes industry), coupled with a strong financial profile.
DHMS’ very large membership base and diverse risk pool is viewed to ...

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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