Publication Listing

GCR accord ratings on an international rating scale and a diverse number of national rating scales. These include credit ratings such as Long and Short-Term issuer and issue Ratings, Financial Strength Ratings and Structured Finance ratings. They also include ‘non-credit’ ratings such as servicer quality ratings, asset manager management quality ratings and funds ratings.

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CBZ Bank Limited

Zimbabwe

UploadedOct 2020

As the core operating entity, the analysis on CBZ Bank Limited reflects the strengths and weaknesses of the wider CBZ Holdings Limited Group. The r...

AB Finco 2 (RF) Limited -Transaction 2 - Series 1

South Africa

UploadedOct 2020

GCR Ratings assigned a short-term issue credit rating to the R1bn Class A Notes issued by AB Finco 2 (RF) Limited (“AB Finco 2” or &ldq...

South African Securitisation Programme (RF) Limited - Series 1 - (Monitoring Dashboard)

South Africa

UploadedOct 2020

The Dashboard covers the period from August 2019 to August 2020 and is part of GCR’s performance monitoring process and does not constitute r...

Enterprise Insurance Company Limited

Ghana

UploadedOct 2020

The upgrade of Enterprise Insurance Company Limited’s rating follows a sustained strengthening in risk adjusted capitalisation and liquidity,...

NSIA Insurance Company Limited

Ghana

UploadedOct 2020

NSIA Insurance Company Limited’s rating reflects a very strong financial profile along with demonstrated support from the parent company, NSI...

International Commercial & Engineering ICE Seguros, SA

Mozambique

UploadedOct 2020

International Commercial & Engineering ICE Seguros, SA’s rating is underpinned by a solid financial profile, with very strong levels of c...

PSG Konsult Limited

South Africa

UploadedOct 2020

The ratings of PSG Konsult Limited are underpinned by prudent risk management, with a large quantum of cash and cash equivalents supporting a stron...

Equites Property Fund Limited

South Africa

UploadedOct 2020

GCR placed the ratings assigned to Equites Property Fund Limited on Positive Outlook. The outlook change acknowledges Equites’ conservatively...

Centum Real Estate Limited

Kenya

UploadedOct 2020

The ratings accorded balance Centum Real Estate Limited’s strong competitive position, conservative liquidity and adequate leverage levels ag...

Ecobank Zimbabwe Limited

Zimbabwe

UploadedOct 2020

The ratings on Ecobank Zimbabwe Limited reflect the bank’s sound financial profile relative to rated peers in the adverse operating environme...

South African Securitisation Programme (RF) Limited Series 2 (Monitoring Dashboard)

South Africa

UploadedOct 2020

In August 2020, the Top 50 Largest Lessees concentration limit was breached (40.51% vs. covenant: 40%). This was due to an Arrears element on some...

Bank Windhoek Limited and Capricorn Group Limited

Namibia

UploadedOct 2020

BW’s ratings reflect the credit profile of Capricorn Group Limited (“Capricorn”, or “the group”). BW’s contribu...

Global Alliance Seguros S.A.

Mozambique

UploadedOct 2020

Global Alliance Seguros S.A.’s rating downgrade follows a sustained deterioration in risk adjusted capitalisation emanating from weak earning...

Letshego Bank Namibia Limited

Namibia

UploadedOct 2020

Letshego Bank Namibia Limited is considered a core operating entity in Letshego Holdings Namibia Limited, as such, the national scale issuer rating...

Vukile Property Fund Limited

South Africa

UploadedOct 2020

GCR Ratings has released Vukile Property Fund Limited’s September 2020 report, which comprises our forward-looking view on Vukile’s cre...

Northam Platinum Limited

South Africa

UploadedOct 2020

Northam’s profitability has surged over recent years, enhanced by higher platinum group metals prices and rising production volumes. The upgr...

South African Securitisation Programme (RF) Limited Series 2

South Africa

UploadedOct 2020

GCR Ratings affirmed the issue credit ratings assigned to the Notes issued under the South African Securitisation Programme (RF) Limited – Se...

City of Johannesburg Metropolitan Municipality

South Africa

UploadedOct 2020

GCR downgraded City of Johannesburg Metropolitan Municipality long term issuer rating. The downgrade reflects the weaker operating environment, whi...

Accelerate Property Fund Limited

South Africa

UploadedOct 2020

The operating environment assessment is underpinned by Accelerate’s predominantly South African property portfolio, which is where most of it...

AB Finco 2 (RF) Limited -Transaction 1 - Series 1

South Africa

UploadedOct 2020

On 1 October 2020, GCR Ratings assigned a short-term issue credit rating to the R1.5bn Class A Notes issued by AB Finco 2 (RF) Limited  on 9 S...

Omnia Holdings Limited

South Africa

UploadedOct 2020

GCR has released the September 2020 Omnia Holdings Limited (“Omnia”) report, which outlines the factors underpinning the issuer’s...

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

South Africa

UploadedOct 2020

The Dashboard covers the period from May 2018 to August 2020 and is part of GCR’s performance monitoring process and does not constitute rati...

2020 HY Review for Kenyan Banks: Pressure starting to show, but the systemic risk is low

Kenya

UploadedSep 2020

GCR expects the combined impact of the COVID-19 inspired global and domestic slowdown, alongside the locust swarm in Q120, to reduce Kenya’s...

MW Asset Rentals (RF) Limited

South Africa

UploadedSep 2020

MW Asset Rentals (RF) Ltd is a R2.5bn Lease Receivables Backed Note Programme that issued R1.250m of Class A Notes. On 07 September 2020, GCR Ratin...

South African Securitisation Programme (RF) Limited Series 3 (Monitoring Dashboard)

South Africa

UploadedSep 2020

The Dashboard covers the period from July 2019 to July 2020 and is part of GCR’s performance monitoring process and does not constitute ratin...

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedSep 2020

The Dashboard covers the period from November 2018 to August 2020 and is part of GCR’s performance monitoring process and does not constitute...

MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedSep 2020

For July 2020, the 3 Month Average NPL / NPV of Leases, early amortisation trigger was reported at 2.97% marginally close to the 3% covenant. Refle...

Global Equity Investments Ltd (Monitoring Dashboard)

South Africa

UploadedSep 2020

The Dashboard was updated in September 2020 and is part of GCR’s monitoring process and does not constitute rating action. GCR will update th...

PSG Financial Services Limited

South Africa

UploadedSep 2020

The rating downgrade is in anticipation of the planned unbundling of PSG Financial Services Limited (“PSGFS”) stake in Capitec Bank Hol...

HY20, Domestic Risks Appear Well Controlled So Far, External Exposure May be the Key Differentiator in FY Banks Performance

Mauritius

UploadedSep 2020

The open economy of Mauritius is particularly susceptible to the global response to the COVID-19 pandemic. Domestic corporate debt is also consider...

South African Banks top tier interims reveal the first of the COVID-19 fallout but in-line with rating expectations

South Africa

UploadedSep 2020

Based on the recent interim results, key credit metrics are, so far, broadly in line with GCR’s expectations for the top tier South African b...

iNkotha Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedSep 2020

The Dashboard covers the period from July 2019 to July 2020 and is part of GCR’s performance monitoring process and does not constitute ratin...

AB Finco 2 (RF) Limited, Transaction 1, Series 1

South Africa

UploadedSep 2020

On 18 August 2020, GCR assigned an indicative short term issue credit rating to the R1.5bn Class A Notes to be issued by AB Finco 2 (RF) Limited (&...

South African Securitisation Programme (RF) Limited - Series 1

South Africa

UploadedSep 2020

On 21 August 2020, GCR assigned issue credit rating to the Class A28 Notes issued under the South African Securitisation Programme (RF) Limited &nd...

I&M Bank (Rwanda) PLC

Rwanda

UploadedAug 2020

Strengths

  • Strong risk position, with credit losses comparing very well to Rwandan market peers.
  • Sound funding structure and good...

South African Securitisation Programme (RF) Limited - Series 1 (Monitoring Dashboard)

South Africa

UploadedAug 2020

The Dashboard covers the period from June 2019 to June 2020 and is part of GCR’s performance monitoring process and does not constitute ratin...

TUHF Urban Finance (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedAug 2020

The months of May and June 2020 saw an increase in arrears and a relative decrease in collections to book balance. This is reflective of the impact...

GCR places South African commercial property on Negative Trend as fragile economy continues to drive high asset, liquidity and funding risk

South Africa

UploadedAug 2020

The Negative Trend reflects GCR’s view that commercial real estate will face persistent funding and liquidity risks over the outlook period,...

Namibian banks expected to rely on solid capital and oligopolistic market characteristics to weather the COVID-19 storm

Namibia

UploadedAug 2020

The strong capitalisation and oligopolistic characteristics of the Namibian banking sector is expected to enable them to cope with rising asset ris...

AB Finco 1 (RF) Ltd - (Monitoring Dashboard)

South Africa

UploadedAug 2020

The Dashboard was updated in August 2020 and is part of GCR’s monitoring process and does not constitute rating action or rating report. GCR...

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