Buffalo City Municipality (May 2024)

Buffalo City Metropolitan Municipality (BCMM or the Metro) is one of 8 Category A Metropolitan municipalities in South Africa and is one of the two in the Eastern Cape Province. It includes East London, Bhisho, Berlin and King Williams Town, as well as the townships of Mdantsane and Zwelitsha within the corridor of rural areas.

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Oryx Properties Limited ( May 2024)

Oryx Properties Limited’s (Oryx or the fund) remains the sole listed property loan stock (PLS) on the Namibian Stock Exchange. Core activities include owning and managing directly owned property assets in Namibia, whilst it also has a small indirect investment in a Croatian property portfolio through its 26% shareholding in TPF International Limited. Its shareholder base is almost entirely Namibian domiciled.

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Ondo State Government of Nigeria (Apr 2024)

Liquidity coverage is estimated at 1.9x for the 12-month period to 31 December 2024 and 1.1x over the 24-month to 31
December 2025. This is supported by our forecast of stronger operating cashflows of NGN44.4Bn in 2024 and NGN51.3Bn
in 2025, and cash holding of NGN53.9Bn as of 30 September 2023. We have also factored in expected debt funding
and grants of NGN47.9Bn in 2024.

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Octodec Investments Limited (Apr 2024)

JSE and A2X-listed Octodec Investments Limited (Octodec or the REIT) is a medium-scale real estate investment trust that invests primarily in the South African inner-city districts. As at its financial year ended 31 August 2023, the REIT owned a portfolio of 238 properties across a range of commercial segments and residential assets. City Property Administration (Pty) Limited (City Property) is the REIT’s asset and property management company, with the relationship governed by a renewable management agreement.

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Paras Energy and Natural Resources Development Limited (Apr 2024)

The positive assessment of liquidity is underpinned by the projected operating cash flow of USD12.2M and available cash balance which can repay current debt obligations of USD7.2M and GCR forecasted capital spending of USD3M. Therefore, liquidity sources versus uses coverage is estimated at 1.5x over the 12-month period to December 2024. Actual capital spending could vary from our projections subject to the group's access to funding.

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The Nigerian Power Sector: Recent developments and outlook (Apr 2024)

  • The Nigerian power sector has significant potential for growth and remains important in the overall economic context. Despite the fundamental challenges around inefficiencies in power supply, frequent grid collapses and poor collections, ongoing developments indicate deliberate actions and willingness by market participants to address these issues.
  • The Federal Government of Nigeria (FGN) introduced the Electricity Act 2023 (the Act) which replaces the Electricity and Power Sector Reform Act 2005. The Act establishes the decentralisation of Nigeria’s electricity generation, transmission, and distribution of electricity at the national level to the sub-national level. However, the benefits that would accrue from the Act would only materialise in the long term due to the substantial capital outlay required.
  • More recently, the Nigerian Electricity Regulatory Commission (NERC or the Commission) released the Multi-Year Tariff Order (MYTO) 2024, which incorporates the current tariff review of the distribution companies (DISCOs).
  • Positively, the MYTO 2024 also permits the DISCOs to procure electricity directly from generation companies (GENCOs) through bilateral contracts.
  • Related documents issued by NERC also indicate plans to phase out Nigerian Bulk Electricity Trading Plc (NBET) from the value chain.
  • The implementation of bilateral contracts could possibly improve efficiency, support cost reflective tariff and ultimately liquidity within the sector. However, this is dependent on some other factors including a better transmission and distribution infrastructure as well as significant operational efficiencies.
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Netcare Limited (Mar 2024)

JSE-listed Netcare Limited (Netcare or the group) is one of the largest private healthcare services providers in South Africa. The group operates 49 acute hospitals, housing 9,903 beds across a range of acute and primary care services. Netcare also operates a spectrum of complementary healthcare facilities, including specialised cancer treatment centers, dental and day clinics, as well as emergency and renal care services. Its mental healthcare services is anchored by Akeso Clinics (comprising 14 facilities with a total of 1,007 beds) and 40% stake in ICAS Employee and Organisation Enhancement Services Southern Africa Proprietary Limited.

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SOCIETE NATIONALE D’ELECTRICITE DU SENEGAL (Feb 2024)

Senelec a été créée en 1983 pour assurer la production, le transport, la distribution et la vente d’électricité au Sénégal. Bien qu’ayant le statut de société anonyme, Senelec est entièrement contrôlée et régulée par l’Etat du Sénégal, en raison de sa mission de service public et de sa position stratégique au sein de l’écosystème socio-économique du pays. Senelec s’occupe également de l’identification, du financement et de la réalisation de nouveaux ouvrages afin d’assurer la bonne réalisation de ses missions d’intérêt général, à savoir d’apporter à la population sénégalaise et aux entreprises implantées au Sénégal l’électricité en quantité, en qualité et à un prix compétitif.

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South African Municipal Finances Remain Under Strain (Feb 2024)

The municipal sector in South Africa is a core component of governance and service delivery. However, it has received a lot of negative press in recent months, beset by service delivery protests, deteriorating infrastructure and general instability at the political level. Much of this has arisen because of a deterioration in financial performance and the lack of adequate funding that has resulted. GCR has analysed the initial unaudited financial results for the eight metropolitan municipalities, as well as their medium term budgets to determine the validity of these perceptions, and to understand what the underlying trends suggest about its outlook for the financial health. In particular, we demonstrate how these factors will impact debt and liquidity, and ultimately the credit quality of the municipal sector.

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Ogun State Government of Nigeria (Jan 2024)

Liquidity sources versus uses coverage is estimated at a ratio of 1.2x over the 12-month period to December 2024. The
coverage is supported by the sustained strong cash holding registering at NGN38.4Bn as of September 2023, which
can fully repay outstanding debt obligations till December 2024 estimated at NGN28.5Bn. Also, we expect operating
cash flow to strengthen to NGN93.2Bn underpinned by the anticipated improvement in income to support capital
investments of up to NGN72Bn in 2024.

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