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.