Announcements Research

GCR reviews the Country Risk Score and Sector Risk Scores for South Africa due to the recent Civil Unrest

GCR Ratings has taken note of the recent geopolitical events from 7 July 2021 which sparked violent looting and riots in Kwa-Zulu Natal and Gauteng amongst others. Although these events were sudden and resulted in significant losses to property and lives, it is considered to have a limited impact on the broader credit risk profile of the country and our issue(r) credit ratings in South Africa at the moment

Announcements Criteria Research

GCR Publishes Updated Criteria for Secured Bond Expected Loss Credit Ratings

GCR has published an update to the Criteria for Secured Bond Expected Loss Credit Ratings. The criteria is available for download at The criteria titled ‘Criteria for Secured Bond Expected Loss Credit Ratings’ is exclusively applied when according an Expected Loss (‘EL’) rating to specific listed or unlisted debt obligations, specifically when distinguishable security or collateral has been pledged to the holders of the debt, which improves their recovery prospects after an event of default (relative to senior claims).

Announcements Research

GCR updates its Corporate Commercial Property Sector Risk Scores for territories outside South Africa

GCR Ratings has updated its Commercial Property Sector Risk Score for selected European territory groupings and countries outside South Africa. This cross-jurisdictional publication serves to complement the pre-existing South African and Kenyan property sector risk scores reviewed in 2021. GCR remains cognisant of the highly diversified nature of real estate fundamentals in the Eurozone in particular, thus the regional sector risk scores assigned capture our high-level view of the potential impact of structural factors and economic growth expectations on broader real estate investment and performance sustainability compared to other sectors.

Announcements Research

GCR publishes the updated Country Risk Scores

GCR Ratings has published the reviewed Country Risk Scores. The Country Risk Scores are available for download at The Country Risk assessment, which is a key part of the operating environment score, interacts with GCR ratings in four ways. Firstly, the country risk scores create the foundation for the Anchor Credit Evaluator (the mapping table, see the Criteria for the GCR Ratings Framework and the interactive online map at

Announcements Research

GCR Publishes a Special Report on the Importance of Portfolio Covenants and Early Amortisation Triggers in Structured Finance Transactions

GCR Ratings has published a Special Report explaining the significant role of portfolio covenants and early amortisation triggers in Structured Finance transactions. The report explains how portfolio covenants and early amortisation triggers are used to contain the risk caused by the purchase of new assets by a Special Purpose SPV’s (“SPV’s”) portfolio during the revolving period and how they are used to safeguard Noteholders against a potential deterioration of the transaction’s performance.

Announcements Research

GCR maintained the South Africa Financial Institutions’ Sector Risk Score of ‘7.5’

GCR Ratings has maintained the South African Financial Institutions’ sector risk score of ‘7.5’. The Financial Institutions 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.