GCR Risk Scores: Regional and Sector Comparisons: Q1 2024

GCR's Rating Framework is anchored on the GCR Risk Score. This numerical scoring system, which forms a single analytical
approach across multiple sectors, was designed to improve the transparency of GCR's ratings. It also allows comparability between
different countries, regions and sectors as demonstrated in the below charts.

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GCR Risk Score Snapshot Q4 2023 (Mar 2023)

The purpose of this publication is to aid regional and sectoral comparability, alongside providing a platform for understanding GCR Ratings. The table and charts below provide a snapshot of the GCR risk scores across GCR’s public issuer credit/financial strength ratings, as of Q4 20231. The GCR Ratings Framework is anchored upon the GCR Risk Score. This numerical scoring system, which forms a single analytical approach across multiple sectors (including Financial Institutions, Insurance Companies, Corporates, Asset Management, Investment Holding Companies and Financial Services Companies), was designed to improve the transparency of GCR’s ratings. Furthermore, GCR risk scores simultaneously determine both international and national scale ratings, which is a significant enhancement from the traditional approach of determining national scale ratings from international ratings via mapping tables. Lastly, we believe the GCR’s Ratings Framework anchors an entity’s creditworthiness in its operating environment. If you are interested in the underlying scores, ratings, a more detailed score breakdown for any of the issuers mentioned, or the methodologies that underlay the scores please visit our website.

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GCR Risk Scores: Regional and Sector Comparisons: Q3 2023

GCR's Rating Framework is anchored on the GCR Risk Score. This numerical scoring system, which forms a single analyticalapproach across multiple sectors, was designed to improve the transparency of GCR's ratings. It also allows comparability betweendifferent countries, regions and sectors as demonstrated in the below charts.

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GCR Risk Scores: Regional and Sector Comparisons: Q1 2023

GCR's Rating Framework is anchored on the GCR Risk Score. This numerical scoring system, which forms a single analytical
approach across multiple sectors, was designed to improve the transparency of GCR's ratings. It also allows comparability between
different countries, regions and sectors as demonstrated in the below charts.

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GCR rated South African REITS: Credit impact of capital flight (Apr 2023)

• A positive correlation is noted between REITs with high geographic diversification to international lower risk jurisdictions and the strongest credit profiles amongst GCR’s rated portfolio.
• Against stronger economic backdrops, albeit not shielded from expected softer leasing conditions in 2023, income growth trends from international regions are expected to remain solid after rebounding more swiftly post the pandemic, supported by portfolios with good asset quality and long-term leases.
• GCR’s highly rated REITs typically display large exposures or are sector specific to retail and logistics and have robust balance sheets.
• The likelihood of any possible positive rating actions over the next 12-18 months is greater at the higher end of GCR’s rating spectrum.

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GCR Risk Scores: Regional and Sector Comparisons (Sep 2022)

GCR's Rating Framework is anchored on the GCR Risk Score. This numerical scoring system, which forms a single analytical
approach across multiple sectors, was designed to improve the transparency of GCR's ratings. It also allows comparability between
different countries, regions and sectors as demonstrated in the below charts.

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GCR Risk Scores: Regional and Sector Comparisons (Jun 2022)

GCR's Rating Framework is anchored on the GCR Risk Score. This numerical scoring system, which forms a single analytical
approach across multiple sectors, was designed to improve the transparency of GCR's ratings. It also allows comparability between
different countries, regions and sectors as demonstrated in the below charts.

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Industry Review: South African Interest Bearing Funds

The South African Interest-bearing (“SAIB”) fund market amounted to ZAR793.5 bln (c. USD52 bln) at September 30th 2020, making it by far the largest on the African continent. Reflecting the relative safety and stability of the fund type, alongside the uncertain economic environment, interest bearing funds have been a significant outperformer versus the other domestic fund types in South Africa. 

 

Additional information: The funds tend to be dominated by the top 5 banks in South Africa, which represents a concentration risk in a bank-led financial crisis. Positively, the South African Banking system is considered to be sound, despite the recent pressures. The short-term funds can hold greater levels of counterparty diversification, but the concentration with the banks remains vast. On the other hand, short-term funds clearly take on slightly higher risk.

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