More than three months have passed since President Ramaphosa implemented emergency measures to curb the spread of COVID-19. Compared to March when a hard lockdown unfolded rapidly, we can now take a more measured view to better understand the impact of the COVID-19 disruption over the short to medium term.
This report explains GCR’s approach to the risks related to each of these SPVs to rate the debt issued by the Issuing SPV. Please note that t...