Announcements Financial Institutions Rating Alerts

GCR places Transaction Capital Limited’s national scale issuer ratings of A-(ZA)/A2(ZA) and international scale long term issuer rating of B on ‘Review Extension’

Rating action

Johannesburg, 30 July 2021 – GCR Ratings (“GCR”) has placed Transaction Capital Limited’s national scale long and short term issuer ratings of A-(ZA)/A2(ZA) respectively, and international scale long term issuer rating of B on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating on or about 31 August 2021. The rating assigned in the last review is still valid and remains unchanged until the review process is completed.

Analytical contacts

Primary analyst Corné Els Senior Financial Institutions Analyst
Johannesburg, ZA CorneE@GCRratings.com +27 11 784 1771
Committee chair Matthew Pirnie Group Head of Ratings
Johannesburg, ZA MatthewP@GCRratings.com +27 11 784 1771

Related criteria and research

Criteria for the GCR Ratings Framework, May 2019
Criteria for Rating Financial Institutions, May 2019
GCR Rating Scales, Symbols & Definitions, May 2019
GCR Country Risk Scores, July 2021
GCR Financial Institutions Sector Risk Score, June 2021

Ratings history

Transaction Capital Limited

Rating class Review Rating scale Rating Outlook/Watch Date
Long term issuer Initial National A-(ZA) Stable Outlook November 2016
Last National A-(ZA) Negative Outlook July 2020
Short term issuer Initial National A1-(ZA) November 2016
Last National A2(ZA) July 2020
Long term issuer Initial International BB- Stable Outlook November 2016
Last International B Stable Outlook July 2020

Salient Points of Accorded Rating

GCR affirms that a.) no part of the rating process was influenced by any other business activities of the credit rating agency; b.) the rating is based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such rating is an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

The credit rating has been disclosed to the rated entity. The rating was solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the rating. The rated entity participated in the rating process via virtual management meetings, and other written correspondence.



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