About Us

ABOUT US

GCR traces its origins back to 1996 when it was established as the African arm of the New York Stock Exchange-listed Duff & Phelps. Very rapid growth followed and GCR has since established itself as the leading rating agency in Africa, accounting for the majority of all ratings accorded on the African continent. Through its local presence in Mauritius, South Africa, Nigeria, Kenya and Senegal, GCR has the largest rating team in Africa which gives it unmatched on-the-ground presence, as well as easy access to market participants. GCR’s ratings play a significant role in the growth of Africa’s financial markets by providing critical insights into credit across a range of sectors.

In support of GCR’s objective to further solidify its position as a leading provider of quality, objective and independent credit opinions on African markets, Moody’s Corporation acquired a majority 51% stake in GCR in May 2022, and increased its stake in GCR to 100% in July 2024. GCR’s 25 year proven track record and successful domestic operations across the African continent, together with Moody’s international expertise represents a unique opportunity to contribute to the development of capital markets and the wider economies across Africa. GCR and Moody’s are committed to economic transformation in South Africa and see empowerment as an important part of GCR’s future success. In this regard, African Women Chartered Accountants Investment Holdings (AIH) acquired a 20% stake in GCR South Africa in May 2022. AIH is a 100% black women-owned investment company, who will provide local strategic support through its equity participation and representation on the GCR South Africa board. GCR’s institutional shareholders also include the Carlyle Group, the pre-eminent Global Private Equity player, and the DEG/KFW Group, one of the largest international Development Finance Institutions.

GCR is licensed as a rating agency in a number of markets, including Mauritius with the Financial Services Commission, South Africa with the Financial Sector Conduct Authority, Kenya with the Capital Markets Authority, Nigeria with the Securities and Exchange Commission, and AMF-UMOA in the West African Monetary Union. GCR is also recognised as an eligible External Credit Assessment Institution (ECAI) by the Bank of Mauritius and the South African Reserve Bank.

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Company History Timline

2022

Moody’s Corporation (NYSE: MCO) acquired a majority (51%) stake in GCR. As part of the broader GCR acquisition, African Women Chartered Accountants Investment Holdings (AIH) acquired a 20% stake in GCR South Africa. 

2024

Moody’s Corporation (NYSE: MCO) increased its stake in GCR to 100%

2016

The Carlyle Group, a multinational private equity alternative management and financial services corporation, acquires a significant stake in GCR.

2017

GCR granted a Credit Rating Agency Licence (Licence No: C116016526) by the Financial Services Commission, Mauritius.

2019

Rebranded as GCR Ratings, reinforcing our position as Africa’s leading credit rating agency.

2020

GCR is recognised as an eligible External Credit Assessment Institution (“ECAI”) by the Bank of Mauritius, under the Direct Recognition method in the corporate sector.

2021

GCR acquires a significant majority stake in West Africa Rating Agency, aligned to our strategy of enhancing our presence and ratings coverage across Francophone Africa.

2000

The first company to be registered as a credit rating agency in Kenya under the provisions of the Capital Markets Act (Cap 485A of the Laws of Kenya).

2002

GCR is registered as a credit rating agency by the Securities and Exchange Commission, Nigeria.

2007

KfW/DEG, one of the largest Development Finance Institutions in the world, acquires a significant stake in GCR.

2013

In South Africa, GCR is the first rating agency to be registered as a Credit Rating Services Provider by the Financial Sector Conduct Authority, License No: CRA001, in accordance with Section 5(1) of the Credit Rating Services Act, 24 of 2012.

2015

In South Africa, GCR is recognised as an eligible External Credit Assessment Institution (“ECAI”) by the South African Reserve Bank in terms of regulation 51 of the Regulations relating to Banks.

1996

GCR was established by a handful of staff with a vision to create the leading provider of quality, objective, and independent credit opinions across Africa.