Announcements

Nampak placed on positive outlook

GCR has confirmed Nampak Limited’s (“Nampak”) domestic ZAR currency ratings of A- (single A) and A1- (single A one minus) for the long and short term respectively. In light of the turnaround achieved through the recent streamlining of the business, stronger credit protection factors and conservative gearing metrics going forward, the ratings were placed on […]

Announcements

Zimnat Lion rating maintained at A-, rating watch

The domestic ZIM$ currency claims paying ability rating accorded to Zimnat Lion Insurance Company Limited (“Zimnat Lion”) has been affirmed at A- (single A minus), with the rating maintained on rating watch. Zimnat Lion is a wholly owned subsidiary of TA Holdings (which has extensive interests in property and insurance, in both Zimbabwe and neighbouring […]

Announcements

AICO downgraded to BBB-

GCR has downgraded AICO Africa Limited’s (“AICO”) national scale ratings to BBB- (triple B minus) and A3 (single A three) for the long and short term respectively. The investment grade ratings depict adequate protection factors. However, cognisance was also taken of persistent challenges in the domestic operating environment, particularly the escalating cost of debt and […]

Announcements

COMMED accorded with a BBB- rating

Community Medical Aid Scheme (“COMMED”) has been accorded a domestic ZAR currency claims paying ability rating of BBB- (triple B minus). The rating has also been placed on rating watch. COMMED has exhibited a continued escalation in claims experience over the review period, attributable to the persistent loss of persal members (which generally have more […]

Announcements

Altfin maintained on BBB-, rating watch

The Zimbabwean country claims paying ability rating accorded to Altfin Insurance Company Limited (“Altfin”) has been reaffirmed at BBB- (triple B minus), with the rating maintained on rating watch. The rating is a reflection of adequate protection factors, although there is considerable variability in risk over time due to economic and/or underwriting conditions. Altfin’s position […]

Announcements

Alliance’s A+ rating reaffirmed

GCR has maintained Alliance Insurance Corporation Limited’s (“Alliance”) domestic TShs currency claims paying ability rating of A+ (single A plus). In according the rating, cognisance was taken of the fact that international solvency has consistently increased since F06, amounting to approximately 80% as at 1H F10. Furthermore, while statutory coverage in the general business was […]

Announcements

Murray & Roberts Holdings Limited downgraded to A

GCR has downgraded Murray & Roberts Holdings limited (“M&R”) domestic ZAR currency rating to A (single A) for the long term, whilst maintaining the short term rating at A1 (single A one). The downgrade was driven by the much weaker earnings reported by M&R in F10 and the significant deterioration in its balance sheet position. […]

Announcements

GCR accords Assinco initial rating of A

GCR has accorded Gabonese insurer, Assinco S.A. (“Assinco”), a first time FCFA currency claims paying ability rating of A (single A). The rating signifies the company’s high claims paying ability and above average protection provided to policyholders. Assinco was established in 1997 and displays a diverse shareholder base, including Compagnie Du Komo (26%), Banque Gabonaise […]

Announcements

GCR accords Mumias a first time rating of A+

GCR has accorded Mumias Sugar Company Limited (“Mumias”) a domestic KShs currency long term rating of A+ (single A plus) and a short term rating of A1 (single A one). The rating is an indication of Mumias’ high credit quality and good protection factors. It also signals the company’s excellent liquidity factors, resulting in high […]