Announcements Research

GCR places South African commercial property on Negative Trend as fragile economy continues to drive high asset, liquidity and funding risk

GCR has placed Commercial Real Estate on Negative Trend to reflect the sector’s vulnerability to the vagaries of a protracted recessionary climate. We expect structural limitations of the domestic economy to constrain real estate performance and funding flexibility well beyond 2020, as consumer behaviour continues to shift, and Commercial Property is further crowded out of capital markets.

Announcements Criteria Research

GCR publishes Criteria for Fund Ratings and Criteria for Management Quality Ratings

The criteria titled ‘Criteria for Fund Ratings’ predominantly applies to fixed income funds, including money market funds and other funds with portfolios that invest primarily in debt and debt like securities. Fund ratings (“f”) are not credit ratings. Therefore, they do not measure the relative ability of a fund to repay principal and/or interest in a timely manner. Rather, Fund Ratings indicate an opinion regarding the fund’s ability to preserve principal value under varying market conditions that may be affected by credit risk, interest rates, liquidity, as well as other market conditions.