Announcements Corporate Rating Alerts

GCR Withdraws TPS Eastern Africa Plc’s Issuer Ratings

Rating Action

Johannesburg, 24 March 2020- GCR Ratings (“GCR”) has withdrawn TPS Eastern Africa Plc’s national scale long term and short-term issuer ratings for commercial reasons. The ratings were withdrawn without review as no additional analysis was performed. Accordingly, GCR will no longer provide ratings or analytical coverage for TPS EA. The ratings were last reviewed in October 2019.

Rated Entity/Issue Rating class Rating scale Rating Outlook/Watch
TPS Eastern Africa Plc Long Term Issuer National WD
Short Term Issuer National WD

Prior to the withdrawal, the national scale long term and short-term issuer ratings were BBB+(KE) and A2(KE) respectively, with a Stable Outlook.

Analytical Contacts

Primary analyst Eyal Shevel Sector Head: Corporate Ratings
Johannesburg, ZA Shevel@GCRratings.com +27 11 784 1771
Committee chair Patricia Zvarayi Deputy Sector Head: Corporate Ratings
Johannesburg, ZA Patricia@GCRratings.com +27 11 784 1771

Related Criteria and Research

Criteria for the GCR Ratings Framework, May 2019
Criteria for Rating Corporate Companies, May 2019
GCR Country Risk Scores, January 2020
GCR Rating Scales, Symbols and Definitions, May 2019
GCR Kenyan Corporate Sector Risk Scores, September 2019

Ratings History

TPS Eastern Africa Plc

Rating class Review Rating scale Rating class Outlook/Watch Date
Issuer Long Term Initial National A-(KE) Stable June 2009
Issuer Short Term Initial National A2(KE)
Issuer Long Term Last National BBB+(KE) Stable Oct 2019
Issuer Short Term Last National A2(KE)

Glossary

Coverage The scope of the protection provided under a contract of insurance.
Issuer Ratings See GCR Rating Scales, Symbols and Definitions.
Issuer The party indebted or the person making repayments for its borrowings.
Rating Outlook See GCR Rating Scales, Symbols and Definitions.
Rating Withdrawal See GCR Rating Scales, Symbols and Definitions.
Risk The chance of future uncertainty (i.e. deviation from expected earnings or an expected outcome) that will have an impact on objectives.
Short Term Current; ordinarily less than one year.

SALIENT POINTS OF ACCORDED RATINGS

GCR affirms that a.) no part of the rating was influenced by any other business activities of the credit rating agency; b.) the rating was based solely on the merits of the rated entity, security or financial instrument being rated; c.) such rating was an independent evaluation of the risks and merits of the rated entity, security or financial instrument; and d.) the validity of the rating is for a maximum of 12 months, or earlier as indicated by the applicable credit rating document.

The credit ratings have been disclosed to TPS eastern Africa Plc. The ratings above were solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the ratings.

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