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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TUHF Urban Finance (RF) Ltd (2022-05)

South Africa

UploadedMay 2022

The Transaction is a mortgage-backed securitisation of commercial property mortgage loans advanced to entrepreneurs in the inner-city precincts of...

MW Asset Rentals (RF) Limited (2022-05)

South Africa

UploadedMay 2022

MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) with R1.55...

County Government of Laikipia (2022-05)

Kenya

UploadedMay 2022

Laikipia’s credit profile has been bolstered by an improvement in operating performance. Both total income and own source revenue (“OSR...

Jubilee Life Insurance Limited (2022-05)

Kenya

UploadedMay 2022

On a stand-alone basis, we view the improvement in Jubilee Life Kenya’s 3Q F21 statutory capital adequacy ratio (“CAR”) to 150% (...

PEER COMPARATIVES SOUTH AFRICA SHORT TERM INSURANCE MAY 2022

South Africa

UploadedMay 2022

GCR's Peer Comparatives for South Africa Short Term Insurance forms part of the Short Term Insurance Peer Comparatives series, containing key m...

The Hollard Insurance Company Limited (2022-05)

South Africa

UploadedMay 2022

The Hollard group’s credit profile is bolstered by an entrenched market position, underpinned by a strong franchise in the South African shor...

Buffalo City Metropolitan Municipality (2022-04)

South Africa

UploadedMay 2022

Cognisance is taken of BCMM’s status as a metropolitan municipality, given its role as a hub of economic activity in the region and the gover...

West Coast District Municipality (2022-04)

South Africa

UploadedApr 2022

WCDM has a fairly small population with socio-economic indicators broadly in line with national averages. Positively, economic activity is diverse...

Genric Insurance Company Limited (2022-04)

South Africa

UploadedApr 2022

Genric’s earnings capacity strengthened over the past two years, with the underwriting margin improving to 11.5% in FY21 (FY20: 5.2%), compar...

City of Tshwane Metropolitan Municipality (2022-04)

South Africa

UploadedApr 2022

Tshwane’s operating performance was severely impacted by liquidity constraints during 2H FY21. Cash inflows had declined as a result of poor...

National Housing Finance Corporation SOC Limited (2022-04)

South Africa

UploadedApr 2022

NHFC’s primary funding source has been the government (100% ownership) with minimal levels of external debt in its capital structure. This, c...

Mixta Real Estate Plc (2022-04)

Nigeria

UploadedApr 2022

Mixta’s liquidity challenges also contribute to the ratings downgrade. Of the Group’s debt, around 68% is expected to fall due within o...

Presco Plc (2022-04)

Nigeria

UploadedApr 2022

Presco’s strong competitive position reflects its status as a leader in the Nigerian palm oil production market, underpinned by its long oper...

Custodian Life Assurance Limited (2022-04)

Nigeria

UploadedApr 2022

The upward revision of Custodian Life’s national scale financial strength rating reflects the group’s strong financial profile, complem...

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedApr 2022

The Dashboard covers the period from May 2019 to February 2022 and is part of GCR’s performance monitoring process and does not constitute ra...

Fox Street 7 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedApr 2022

The Dashboard covers the period from February 2020 to February 2022 and is part of GCR’s performance monitoring process and does not constitu...

iVuzi Investments (RF) Limited (2022-04)

South Africa

UploadedApr 2022

iVuzi can acquire Financial Assets, Rated Securities and Participating Eligible Investments up to its R15bn limit, subject to Eligibility Criteria...

Klapton Reinsurance Limited (2022-04)

Zambia

UploadedApr 2022

Premium diversification takes into consideration expectations of three existing hubs reallocating more than 80% of the a reinsurer’s existing...

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

South Africa

UploadedApr 2022

The Dashboard covers the period from February 2021 to February 2022 and is part of GCR’s performance monitoring process and does not constitu...

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

South Africa

UploadedApr 2022

The Dashboard covers the period from February 2021 to February 2022 and is part of GCR’s performance monitoring process and does not constitu...

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

South Africa

UploadedApr 2022

The Dashboard covers the period from February 2021 to February 2022 and is part of GCR’s performance monitoring process and does not constitu...

AB Finco 1 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedApr 2022

The Dashboard was updated in April 2022 and is part of GCR’s monitoring process and does not constitute rating action or rating reports. GCR...

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

South Africa

UploadedApr 2022

The Dashboard covers the period from February 2021 to February 2022 and is part of GCR’s performance monitoring process and does not constitu...

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

South Africa

UploadedApr 2022

The Dashboard covers the period from May 2019 to February 2022 and is part of GCR’s performance monitoring process and does not constitute ra...

FSDH Merchant Bank Limited (2022-04)

Nigeria

UploadedApr 2022

Capitalisation is a significant rating positive, reflecting the bank’s strong capital position, largely comprising of tier 1 capital. Notwith...

L’opportunité africaine des cryptoactifs

Senegal

UploadedApr 2022

D’un point de vue microéconomique, les cryptoactifs ne constituent pas, à proprement parler, une innovation majeure. Cette posi...

Eat ‘N’ Go Limited (2022-04)

Nigeria

UploadedApr 2022

The earnings profile is considered as a positive rating factor. ENG has reported robust revenue progression, with a 5-year CAGR of 21% underpinned...

Bryte Insurance Company Limited (2022-03)

South Africa

UploadedMar 2022

Weak earnings caused risk adjusted capitalisation to reduce in line with expectations, with Solvency Capital Requirement (“SCR”) covera...

Profmed (2022-03)

South Africa

UploadedMar 2022

Profmed has reported fairly healthy and consistent membership growth over the review period, although the scheme remains small, with a share of abo...

Zep-Re (PTA Reinsurance Company) (2022-02)

Kenya

UploadedMar 2022

Gross written premiums (‘GWP’) grew by a modest 0.5% to USD 208m in FY20 as performance in the underlying markets was largely impacted...

Credit Insurance Zimbabwe Limited (2022-03)

Zimbabwe

UploadedMar 2022

Credsure is a small player in the domestic market, with the traditional focus on credit business having been expanded into a combination of general...

Emeritus Reinsurance Company Limited (2022-03)

Malawi

UploadedMar 2022

Emeritus Re Malawi reined in solvency pressures from growing aged receivables, with the balance aged above 180 days reducing to below MWK441m (FY19...

iMpumelelo CP Note Programme 1 (RF) Ltd Series 1 Notes

South Africa

UploadedMar 2022

The iMpumelelo Programme is a hybrid Serialised Note Programme that is fully supported by Absa Bank Ltd (“Absa” or the “Guarantor...

A long road to recovery for Zimbabwe and its corporates

Zimbabwe

UploadedMar 2022

The Zimbabwean economy is in better shape relative to the year 2020. Notwithstanding the COVID-19 induced effects on inflation and wider macroecono...

Telesure Investment Holdings (Pty) Limited (2022-03)

South Africa

UploadedMar 2022

Liquidity remains very strong, positively influencing the ratings despite the observance of a significant increase in net technical provisions, sur...

Hospitality Property Fund Limited (2022-03)

South Africa

UploadedMar 2022

GCR considers Hospitality Property Fund’s (“HPF”) to be a core operating entity of TSH, being the direct owner of most of the gro...

Richefond Circle (RF) Limited (2022-03)

South Africa

UploadedMar 2022

Richefond Circle has issued Notes under its newly established R7bn Commercial Property Loan Mortgage-Backed Securitisation Programme.Using the proc...

First Assurance Company Limited (2022-03)

Kenya

UploadedMar 2022

The insurer’s cash and stressed assets coverage of net technical liabilities was sustained at around 1.1x following a conservative allocation...

GA Insurance Limited (2022-03)

Kenya

UploadedMar 2022

The improvement in the group’s competitiveness reflects GA Kenya’s increased market share in the local market, offsetting relatively we...

Has the South African Private Healthcare Sector finally reached immunity against COVID-19?

South Africa

UploadedMar 2022

The outbreak of the COVID-19 pandemic in South Africa in March 2020 had a severely negative impact on the financial performance of the private heal...

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