GCR, Africa’s largest rating agency, announces senior appointments
Johannesburg, 4 July 2018 – Global Credit Ratings (GCR), the leading provider of credit ratings in Africa, today announced the appointments of Fabrice Toka as Head of business and corporate development and Matthew Pirnie as Head of the financial institutions analytical team.
In his new role, Mr. Toka will oversee the expansion of GCR’s rating coverage and the growing participation of the rating agency in capital markets across Africa. Mr. Pirnie will spearhead GCR’s financial institutions efforts in terms of criteria development and topical research to evaluate emerging risks.
Mr. Toka comes to GCR from Fitch Ratings (Fitch) and has been in the rating industry for over 18 years. In his most recent role at Fitch, he was Head of business and relationship management for the Sub-Saharan Africa region. Prior to this, he was Fitch’s Office Head in South Africa. He has also served in several senior analytical roles within Fitch’s financial institutions and structured credit groups.
Mr. Pirnie joins GCR from Standard & Poor’s Global Ratings (S&P) and has been in the rating industry for 13 years, including 9 years in Johannesburg. In his role as Director at S&P, Mr. Pirnie led the rating and monitoring of commercial banks, finance companies, multilateral development banks and insurance companies in a number of African countries, including South Africa, Nigeria and Kenya, as well as the Middle East. Mr Pirnie also previously held analytical positions within S&P’s Central and Eastern European financial institutions group.
“These senior appointments reflect GCR’s continued commitment to delivering high quality credit rating services to market participants across Africa, including West and Francophone Africa. Both Fabrice and Matthew bring deep, first-hand knowledge of local African markets and global experience in line with our strategic objective to enhance our ratings and research offerings for the African continent,” says Marc Joffe, CEO of GCR. “I look forward to working closely with Fabrice and Matthew as GCR continues to engage with investors and issuers, including banks, corporates, insurance companies, public bodies and government sponsored-enterprises”, comments Mr. Joffe.
The Carlyle Group acquired a significant stake in GCR at the beginning of 2017, and has been wholly supportive of GCR’s efforts in enhancing its management team, underpinning the company’s position as the preeminent rating agency in Africa. Eric Kump, Head of Carlyle’s sub-Saharan Africa team, said that “the appointments of Mr Toka and Mr Pirnie would further reinforce GCR’s brand, market position and credibility across the African continent”.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCR’S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCR’S OPINIONS INCLUDED IN GCR’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCR’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCR’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCR’S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCR’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
These cookies are necessary for the website to function and cannot be switched off in our systems. They are normally set in response to actions made by you, amounting to a request for services, such as setting your privacy preferences, logging-in or completing forms. You can set your browser to block or alert you about these cookies, but please note that parts of the website may no longer function correctly. Note: These cookies do not store any personally identifiable information.
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors navigate the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies, the site will not be performance optimised for your use.