GCR views industry solvency to be prudent, benefitting from adequate reserve accumulation, inherently low product risk, and comparatively contained levels of market risk exposure. Regulatory oversight contributes towards continuing reserve sufficiency across the industry, while a high level of information transparency and availability supports a strong regulatory assessment. Active regulatory intervention has enforced key legislative measures such as corporate governance effectiveness, while also facilitating market consolidation in the interests of member protection.
The report aims to provide basic knowledge on traditional securitisation by reviewing the structural features typically used in these structures, the parties generally involved and the various forms of credit enhancement provided to noteholders.
GCR has amended its Criteria for Rating Structured Finance Transactions (“SF Criteria”), previously titled Global Master Structured Finance Rating Criteria ( “Global SF Criteria”), following the publication of its updated long- and short-term rating scale definitions.
The update addresses the underlying drivers of demand and inherent strengths of private sector providers of primary and tertiary education. It also and encompasses GCR’s view of the impact of protracted macroeconomic pressures on industry performance.
GCR Ratings (“GCR”) is occasionally required to qualify credit ratings issued within specific markets or jurisdictions in order to reflect any divergent or market related nuances which have the potential to detract from the comparability of GCR credit ratings across jurisdictions within which GCR provides credit rating services.
The Spanish sector risk score of ‘8’ is reflective of expectations of stable annuity income, supported by medium-long term leases, improving occupancy rates and generally good access to capital. The overall sector risk profile is weaker when compared to those of more developed European counterparts, as Spanish real estate is viewed as a more speculative investment proposition that is prone to higher earnings and value variability through the cycle.
GCR Publishes Insurance Sector Risk Scores for Benin, Botswana, Cameroon, Ghana, Malawi, Mauritius, Philippines and Tanzania. The Insurance sector risk score (ranging from 0 to 15) is a key factor in the operating environment component score. The core of the GCR Ratings Framework is based on GCR’s opinion that an entity’s operating environment largely frames its creditworthiness.
The core of the GCR Ratings Framework is based on GCR’s opinion that an entity’s operating environment largely frames its creditworthiness.