Credit Rating Report: Flour Mills of Nigeria Plc
GCR considers FMN to be moderately geared. Despite the spike in gross debt by N26.5bn to c.N150bn at FY21, net debt to EBITDA moderated to…
Credit Rating Report: Dufil Prima Foods Plc.
Earnings are a ratings strength. Dufil has reported strong revenue progression over the years, with 8% growth in earnings in FY20 despite COVID 19 pandemic…
Credit Rating Report: Resilient REIT Limited
The portfolio delivered a robust performance for FY21 despite the challenging landscape with the imposition of trading restrictions through the peak festive period resulting in…
Credit Rating Report: FBC Bank Limited
The risk profile is a slight ratings positive, supported by sound asset quality metrics. Nonetheless, cognisance is taken of the prevailing challenging operating environment, which…
Credit Rating Report: Old Mutual ST Insurance (Botswana) Limited
Risk adjusted capitalisation is strong underpinned by low market risk and somewhat manageable credit risk exposures relative to the capital base. Consistent internal capital generation…
Credit Rating Report: Letshego Bank Namibia Limited
The report includes the following rated entities: Letshego Bank Namibia Limited, & Letshego Micro Financial Services Namibia (Pty) Limited. Funding is weaker than the market…
Credit Rating Report: FBC Reinsurance Company Limited
The reinsurer’s risk adjusted capitalisation moderated on an inflation adjusted basis compared to historical levels. In this respect, the GCR Capital Adequacy Ratio (“CAR”) registered…
Credit Rating Report: Lidwala Insurance Company Limited
Risk adjusted capitalisation strengthened in FY21, supported by well contained exposures to insurance and market risks, coupled with sound internal capital generation and improved premium…
Monitoring Dashboard: TUHF Urban Finance (RF) Ltd
Credit enhancement has remained stable over the review period. The high prepayments reported in August 2021 was mainly driven by two large clients that refinanced…
Credit Rating Report: South African Securitisation Programme (RF) Limited – Series 2
SASP 2 is the second of three series of the R5bn Multi-Seller Segregated Asset-Backed Note Programme of rental and equipment lease financed assets originated by…