Bank Windhoek Limited

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Bank Windhoek Limited and Capricorn Group Limited
  • Bank Windhoek Limited
  • Year : Oct 2020
3 Tokens
USD 300.00
Summary

BW’s ratings reflect the credit profile of Capricorn Group Limited (“Capricorn”, or “the group”). BW’s contribution to group net profit after tax (FY20: 71%, excluding the loss from the Zambian subsidiary) and assets (FY20: 76%) is significant and GCR views it to be the group’s core operating entity and flagship brand. As such, the ratings of BW are equalised to the group Anchor Credit Evaluation (“ACE”).

Additional Information

The ratings on Capricorn Group Limited are a notch lower than the group ACE, reflecting the structurally subordinated status of Non-Operating Holding Companies (“NOHC”). This reflects GCR’s opinion that the NOHC is reliant on cash flows and dividends from largely regulated, operating group companies, which could be interrupted by regulators should there be a stress event.

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