GCR extends Under Criteria Observation applicable to entities’ ratings
Market Alert
GCR extends Under Criteria Observation applicable to entities’ ratings
Summary
Johannesburg, 22 November 2019 – GCR Ratings has extended the Under Criteria Observation applicable to eight South African entities’ ratings.
In May and June 2019, GCR Ratings (“GCR”) published its new GCR Ratings Framework, consisting of criteria for the Ratings Framework, as well as accompanying criteria for specific underlying sectors (collectively referred to as “the Criteria”). The Criteria are available on GCRratings.com/criteria. At the point of publication, impacted entities’ ratings were placed “Under Criteria Observation” (“UCO”), allowing for the review of said ratings under the new criteria.
GCR is extending the UCO for South African entities’ ratings that have not yet been reviewed under the updated Criteria. This extension allows GCR additional time to receive and process key information and/or data for the respective entities, and to apply the updated Criteria to the entities as per the list below:
West Coast District Municipality
JASCO Electronics Holdings Limited
Lion of Africa Insurance Company Limited
Bidvest Insurance Limited
Western National Insurance Company Limited
Clientèle Life Assurance Company Limited
Genric Insurance Company Limited
The Hollard Insurance Company Limited
The UCO process is not linked to the performance of the entities that carry GCR ratings. Existing ratings remain in effect until completion of the updated reviews.
The ratings accorded to the respective entities are expected to be reviewed by 28 February 2020.
Analytical Contacts
Matthew Pirnie
Marc Chadwick
Sector Head: Financial Institutions Ratings
Chief Ratings Officer
MatthewP@GCRratings.com
Chadwick@GCRratings.com
+27 11 784 1771
+27 11 784 1771
Related Criteria and Research
Criteria for the GCR Ratings Framework, May 2019
Criteria for Rating Local and Regional Governments, June 2019
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