GCR MAPPING TABLE – SOUTH AFRICA
National ratings were developed for use mainly in emerging markets with non-investment grade or low-investment grade sovereign ratings. With little or no default history in these markets, National ratings are designed to indicate relative creditworthiness only. By making available a complete range of notches on a separate National scale, they permit more credit differentiation than is possible on the International scale.
The relationship between the National and International local currency ratings assigned within a single jurisdiction is not rigid. By definition, a notch on the International scale usually corresponds to several notches on the National scale and the relationship between the two scales may change over time, as more entities are rated or the sovereign rating changes. Not every entity will be rated on both scales. However, the principle of consistent rating relativities will hold.
GCR maintains a mapping table that documents the relationship that exists between the National and International local currency ratings in certain jurisdictions. Where there is external demand, these mappings are published on this site.
GCR International Scale to National Scale Mapping Table – South Africa (2017-04-26)
|International Scale Rating, Local Currency||National Scale Rating||Notes|
|BBB- and above||AAA(ZA)||—|
|BBB-||AAA(ZA) / AA+(ZA)||—|
|BB+||AA+(ZA) / AA(ZA) / AA-(ZA)||—|
|BB||AA-(ZA) / A+(ZA) / A(ZA)||—|
|BB-||A(ZA) / A-(ZA) / BBB+(ZA)||—|
|B+||BBB(ZA) / BBB-(ZA)||—|
|B||BB+(ZA) / BB(ZA) / BB-(ZA)||—|
|B-||B+(ZA) / B(ZA) / B-(ZA)||—|
|LD/DD||LD(ZA) / DD(ZA)||—|