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...

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...

High levels of premium receivables: a key rating restraint for short-term insurers and reinsurers in the CIMA zone

Cote d'Ivoire

UploadedApr 2020

Impairments of accumulated aged premium receivables undermine otherwise sound profitability. Although article 13 of the Conference Interafricaine d...

Kenyan Corporate Sector Performance Negatively Impacted by COVID-19

Kenya

UploadedApr 2020

GCR expects the disruptions due to COVID-19 to have a broad negative impact across the Kenyan economy, albeit that the severity will differ from se...

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedApr 2020

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

COVID-19 pandemic risks likely to delay positive developments in Botswana's short-term insurance industry

Botswana

UploadedApr 2020

The country risk score for Botswana is materially higher than that of regional peers, reflecting the balance of relatively high per capita wealth l...

External Risks Set to Challenge Kenyan Banks in 2020

Kenya

UploadedApr 2020

GCR expects the combined impact of the COVID-19 inspired global and domestic slowdown in Q2’20, alongside the locust swarm in Q1’20, to...

MW Asset Rentals (RF) Ltd (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...

Fox Street 3 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedApr 2020

On 30 March 2020, GCR affirmed and withdrew the ratings assigned to the notes issued by Fox Street 3 (RF) Ltd following their acquisition by the Or...

Kenyan insurance industry to be positively impacted by successful enforcement of the cash and carry regulation

Kenya

UploadedApr 2020

Significant reduction in credit exposure coupled with improvements in risk adjusted capitalisation metrics is expected following strict enforcement...

Zimbabwean Banks to face asset quality and liquidity pressures stemming from the impact of COVID-19

Zimbabwe

UploadedMar 2020

COVID-19 imposed global restrictions may stem foreign currency inflows and GCR expects foreign currency liquidity to decrease. As such, GCR anticip...

Pandemics and economic shocks: in 2020 Country Risks are rising fast but risk differentiation is not yet clear

South Africa

UploadedMar 2020

The global response to the Covid-19 Pandemic will extinguish global economic growth in 2020. To date, the pandemic has been largely located in the...

Global Equity Investments Ltd (Monitoring Dashboard)

South Africa

UploadedMar 2020

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

Credit Outlook on South African Medical Schemes Amidst The COVID-19 Pandemic

South Africa

UploadedMar 2020

Despite potential earnings strain, GCR expects most rated schemes to remain resilient, given sufficient reserve buffers, although schemes with lowe...

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

South Africa

UploadedMar 2020

The Dashboard was updated in March 2020 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

UploadedMar 2020

The net default trigger was retrospectively recalculated in December 2019 due to two reasons:

1. The calculation of the denominator the &ldqu...

Corporate Performance Infected by COVID-19

South Africa

UploadedMar 2020

GCR expects the shut down due to the COVID-19 to have a broad negative impact across the economy, albeit that the severity will differ from sector...

Structured Finance Trends: 2019 Review and 2020 Outlook

South Africa

UploadedMar 2020

2020 is shaping up to be an even more challenging year than 2019 and, of course, the exact local and global impact of the COVID-19 pandemic is curr...

South African Financial Institutions Special Report

South Africa

UploadedMar 2020

2020 is shaping up to be an even more challenging year than 2019 and, of course, the exact local and global impact of the COVID-19 pandemic is curr...

Soft equity prices signal weakening REIT financial profiles

South Africa

UploadedMar 2020

GCR expects the financial profiles of South African REITs to weaken, as the range of funding options available to them increasingly narrows. Base p...

Netcare Limited

South Africa

UploadedMar 2020

The ratings on Netcare Limited reflect the group’s modest leverage profile, alongside its strong domestic market position and stable earnings...

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

South Africa

UploadedMar 2020

From July 2019, the covenant relating to the minimum Equipment Leases which include maintenance obligations in terms of Maintenance Agreement on th...

County Government of Makueni

Kenya

UploadedMar 2020

The ratings reflect the County Government of Makueni’s stable financial profile underpinned by the consistent transfers from National Governm...

County Government of Kisumu

Kenya

UploadedMar 2020

The ratings on the County Government of Kisumu reflect the deterioration in operating performance and weak audit outcomes. This is counterbalanced...