MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedAug 2020

Fully Performing Leases (+ leases up to 30 days in arrears) as a percentage of book exposure was the lowest since October 2016 at 90.4% in June 202...

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

South Africa

UploadedAug 2020

Annualised negative excess spread of -1.8% was reported at May 2020. This reflects the impact of the economic lockdown implemented in the months of...

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...

iMpumelelo CP Note Programme 1 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJul 2020

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

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...

iVuzi Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJul 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...

Three months in, the challenges are increasing but indications suggest that larger corporates may weather the storm.

South Africa

UploadedJul 2020

• GCR expects performance across almost all corporate sectors to remain weak for the remainder of 2020 due to a collapse of consumer confidence....
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South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)

South Africa

UploadedJul 2020

The yield increased to 17% in May 2020 from 13% mainly due to an increase in Evergreens (R4m in the month of May).

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...

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

South Africa

UploadedJul 2020

For March and April 2020, the percentage Overcollateralisation covenant is still at the 10% required level. However, the proportion of performing a...

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

South Africa

UploadedJul 2020

The yield was reported at 24.2% (the highest since August 2015) for the month of May 2020. Due to an increase in the early settlement profits which...

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...

Credit Spotlight: Issuer Credit Ratings, Issue Credit Ratings and Expected Loss (‘EL’) Ratings

South Africa

UploadedJun 2020

Key highlights of the research are:

• GCR definitions for issue(r) and expected loss ratings, together with a synopsis of when a particula...
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South African Banking sector under pressure, with key credit quality indicators expected to follow a negative trend through 2020.

South Africa

UploadedJun 2020

The onset of the Covid-19 pandemic has compounded an already strained operating environment and will have a negative impact on asset quality for th...

Global Equity Investments Ltd (Monitoring Dashboard)

South Africa

UploadedJun 2020

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

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJun 2020

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

African Banking Sectors and the Covid-19 crisis: First in, First out?

South Africa

UploadedJun 2020

GCR takes three African banking hubs, from the South, East and West of the continent and provides an opinion on how the banking sectors will cope w...

Compass Securitisation (RF) Limited (Monitoring Dashboard)

South Africa

UploadedJun 2020

In April 2020, the "Aggregate Net Defaults for last 12 Months" Performance Test was above the 2.7% limit at 2.76%.

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

South Africa

UploadedJun 2020

The April 2020 performance of which the South African economy was on level 5 lockdown, has remained broadly in line with pre-COVID-19 months. GCR n...

Assurances CIMA

Cote d'Ivoire

UploadedJun 2020

Bien que l'article 13 du code de la Conférence Interafricaine des Marchés d'Assurance (« CIMA ») devrait ré...

TUHF Urban Finance (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJun 2020

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

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...

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

South Africa

UploadedMay 2020

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

Compass Securitisation (RF) Limited (Monitoring Dashboard)

South Africa

UploadedMay 2020

In January 2020, previously excluded bad debts recovered relating to actual write-offs was included as part of monthly recoveries. The "Aggreg...

iVuzi Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedMay 2020

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

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...

iNkotha Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedMay 2020

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

Global Equity Investments Ltd (Monitoring Dashboard)

South Africa

UploadedMay 2020

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

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

South Africa

UploadedApr 2020

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

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

South Africa

UploadedApr 2020

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

Namibia’s insurance industry likely to remain resilient over the near term supported by strong sector dynamics in the face of persistent sluggish local economic performance compounded by COVID-19 pandemic risks

Namibia

UploadedApr 2020

Despite persistent sluggish local economic growth, compounded by COVID-19 pandemic risks, GCR expects the Namibian insurance sector to remain resil...

COVID-19 risks and oil price shocks likely to curb near term gains from regulatory reforms in the Ghanaian short term insurance industry.

Ghana

UploadedApr 2020

GCR sees potential for higher capital and cash balances and enhanced earnings capacity to strengthen the financial profile, given developing risk-b...

‘Cash is King’ in supporting SA Equipment Lease ABS ratings amid COVID-19 Payment Holidays

South Africa

UploadedApr 2020

GCR Ratings believes the performance of securitisation transactions may be impacted by the relief solutions offered by the South African Financial...

Compass Securitisation (Monitoring Dashboard)

South Africa

UploadedApr 2020

In January 2020, previously excluded bad debts recovered relating to actual write-offs was included as part of monthly recoveries. The "Aggreg...