Credit Rating Reports

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Letshego Ghana Savings and Loans PLC

Ghana

UploadedOct 2020

Letshego Holdings Limited acquired AFB Ghana Plc in January 2017. Following the acquisition, AFB Ghana rebranded to Letshego Ghana Savings and Loan...

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...

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...

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...

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...

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...

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...

Curro Holdings Limited

South Africa

UploadedAug 2020

The ratings assigned to Curro Holdings Limited are underpinned by the relative stability of the education sector in the currently uncertain operati...

Octodec Investments Limited

South Africa

UploadedAug 2020

Octodec’s portfolio quality assessment is constrained by high concentration to properties in the inner cities of Pretoria and Johannesburg, a...

South African Securitisation Programme (RF) Limited - Series 3

South Africa

UploadedAug 2020

The rating action reflects the unchanged capital structure post annual review, asset performance and our credit and cash flow analysis using the mo...

South African Securitisation Programme (RF) Limited - Series 1

South Africa

UploadedJul 2020

GCR Ratings assigned an indicative issue credit rating to the Class A28 Notes to be issued under the South African Securitisation Programme (RF) Li...

South African National Roads Agency SOC Limited

South Africa

UploadedJul 2020

The downgrade to SANRAL’s international scale rating reflects GCR’s view of a weaker domestic fiscal position, with deeply negative eco...

Ecobank Ghana Limited

Ghana

UploadedJul 2020

The analysis on Ecobank Ghana Limited reflects the strengths and weaknesses of the wider Ecobank Ghana Group. The downgrade takes into account the...

RA International FZCO (UAE)

Kenya

UploadedJul 2020

RA has developed a unique business model that provides construction, integrated facilities management and other services to a range of internationa...

AECI Limited Rated

South Africa

UploadedJun 2020

The ratings reflect AECI Limited’s fiscal discipline, demonstrably robust liquidity, as well as the strong global positioning of its Mining S...

African Oxygen Limited

South Africa

UploadedMay 2020

The ratings on African Oxygen Limited reflect the strong funding profile, underpinned by robust cash generation despite sustained weakness in the S...

Oryx Properties Limited

Namibia

UploadedMay 2020

The ratings counterbalance Oryx Properties Limited’s (“Oryx” or “the fund”) small and highly concentrated portfolio a...

Emira Property Fund Limited

South Africa

UploadedMay 2020

The sound performance of Emira Property Fund Limited’s (“Emira”, “the REIT” or “the fund”) small but rela...

Discovery Health Medical Scheme

South Africa

UploadedMay 2020

Discovery Health Medical Scheme’s (“DHMS”) rating is supported by the scheme’s very strong membership profile (market leadi...

iNkotha Investments (RF) Ltd

South Africa

UploadedMay 2020

The Issuer is a Rand Merchant Bank managed structured funding vehicle that advances rand denominated overnight call loans to South African corporat...

Fox Street 6 (RF) Limited

South Africa

UploadedApr 2020

Fox Street 6 (RF) Ltd is a Residential Mortgage Backed Securities (“RMBS”) Securitisation of home loans originated by Investec Bank Ltd...

Fox Street 3 (RF) Limited

South Africa

UploadedApr 2020

Fox Street 3 (RF) Ltd is a Residential Mortgage Backed Securities (“RMBS”) Securitisation of home loans originated by Investec Bank Ltd...

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