Credit Rating Report: MW Asset Rentals (RF) Limited (2022-05)
MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) with R1.55bn of Class A Notes in issue.…
Credit Rating Report: County Government of Laikipia
Laikipia’s credit profile has been bolstered by an improvement in operating performance. Both total income and own source revenue (“OSR”) declined in FY20 due to…
Credit Rating Report: Jubilee Life Insurance Limited
On a stand-alone basis, we view the improvement in Jubilee Life Kenya’s 3Q F21 statutory capital adequacy ratio (“CAR”) to 150% (FY20: 124%; FY19: 118%)…
Credit Rating Report: The Hollard Insurance Company Limited
The Hollard group’s credit profile is bolstered by an entrenched market position, underpinned by a strong franchise in the South African short-term sector (market share…
Credit Rating Report: Buffalo City Metropolitan Municipality
Cognisance is taken of BCMM’s status as a metropolitan municipality, given its role as a hub of economic activity in the region and the government…
Credit Rating Report: Genric Insurance Company Limited
Genric’s earnings capacity strengthened over the past two years, with the underwriting margin improving to 11.5% in FY21 (FY20: 5.2%), compared to levels of below…
Credit Rating Report: iVuzi Investments (RF) Limited
iVuzi can acquire Financial Assets, Rated Securities and Participating Eligible Investments up to its R15bn limit, subject to Eligibility Criteria and without prior review by…
Credit Rating Report: West Coast District Municipality
WCDM has a fairly small population with socio-economic indicators broadly in line with national averages. Positively, economic activity is diverse and includes manufacturing, agricultural and…
Credit Rating Report: City of Tshwane Metropolitan Municipality (2022-04)
Tshwane’s operating performance was severely impacted by liquidity constraints during 2H FY21. Cash inflows had declined as a result of poor collections during the COVID-19…
Credit Rating Report: National Housing Finance Corporation SOC Limited
NHFC’s primary funding source has been the government (100% ownership) with minimal levels of external debt in its capital structure. This, coupled with moderate loan…