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...

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...