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”.
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