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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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A Moderately Less Bleak House; GCR’s 2021outlook for South African REITs

South Africa

UploadedApr 2021

GCR believes that South African REITs’ performance fundamentals will remain under pressure in 2021. However, if less restrictive COVID-19 loc...

Momentum Medical Scheme

South Africa

UploadedApr 2021

Momentum Medical Scheme’s national scale financial strength rating reflects a strong membership profile and intermediate financial profile, u...

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

South Africa

UploadedApr 2021

The Dashboard covers the period from May 2018 to February 2021 and is part of GCR’s performance monitoring process and does not constitute ra...

TUHF Urban Finance (RF) Ltd

South Africa

UploadedApr 2021

GCR Ratings (“GCR”) affirmed the long-term issue credit rating of the Class A1 Notes and upgraded the long-term issue credit rating of...

Urban Ubomi 1 (RF) Ltd

South Africa

UploadedApr 2021

The credit ratings accorded to the Class A Notes relate to timely payment of interest and ultimate payment of principal by Final Maturity Date. The...

Buffalo City Metropolitan Municipality

South Africa

UploadedApr 2021

The ratings on Buffalo City Metropolitan Municipality’s (“BCMM’, “the City” or “the Metro”) balance its c...

National Housing Finance Corporation SOC Limited

South Africa

UploadedMar 2021

The ratings of NHFC balance very strong capital and liquidity with a weak risk profile characterised by deteriorating asset quality and constrained...

Low insurance penetration hamstrings East Africa’s short term insurance sector despite progressive regulatory initiatives

Kenya

UploadedMar 2021

This introduces the tenth East Africa Short-Term Insurance Statistical Bulletin from GCR Ratings (“GCR”). The statistical analysis pres...

The Kenyan Banking Sector: Resilient in the Face of Increasing Challenges

Kenya

UploadedMar 2021

Going into the COVID-19 pandemic, the Kenyan banking sector was already experiencing challenges from deteriorating asset quality and moderating gro...

Vineyard Road Investments (RF) Ltd Vineyard Series Transaction 1

South Africa

UploadedMar 2021

VST1 is a Series under the VRI serialised Programme. VRI is the Issuer under the Programme, which allows the issuance of various Series of Notes ba...

Hospitality Property Fund Limited

South Africa

UploadedMar 2021

The review of Hospitality Property Fund’s (“HPF”) issuer ratings follows the buyout of its minority shareholders by Tsogo Sun Hot...

MW Asset Rentals (RF) Limited

South Africa

UploadedMar 2021

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

Insurance Interrupted, South African Short-Term Insurance Industry Remains Resilient but Downside Risks Prevail

South Africa

UploadedMar 2021

The short-term insurance industry outperformed the broader economy, reflecting resilient demand for insurance. Sample gross written premium (&ldquo...

After catching COVID-19, the South African Private Healthcare Sector has one foot in the recovery room

South Africa

UploadedMar 2021

The underperformance of the South African (SA) private healthcare sector during 2020 was a direct result of the COVID-19 pandemic, which has exacer...

Netcare Limited

South Africa

UploadedMar 2021

The Negative Outlook on Netcare Limited’s (“Netcare” or “the group”) ratings reflect the significant adverse impact t...

Home Finance Guarantors Africa (Reinsurance) Limited

Mauritius

UploadedMar 2021

Home Finance Guarantors Africa (Reinsurance) Limited’s (“HFGA Re”) rating balances very strong capitalisation and liquidity with...

South African Medical Schemes During COVID-19: Short-term Gains with Longer-term Pain

South Africa

UploadedMar 2021

Over the near term, no major rating movements are expected within the GCR portfolio, amidst economic challenges emanating from the COVID-19 pandemi...

Renasa Insurance Company Limited

South Africa

UploadedMar 2021

The national scale financial strength rating for Renasa Insurance Company Limited (“Renasa”) is anchored by strong liquidity, balancing...

New National Assurance Company Limited

South Africa

UploadedMar 2021

New National Assurance Company Limited’s (“NNAC”) national scale financial strength was affirmed with a Stable Outlook, reflectin...

County Government of Laikipia

Kenya

UploadedFeb 2021

The ratings on Laikipia balance low levels of leverage, increasing own sources of revenue (“OSR”) generation and ongoing government sup...

Santam Limited

South Africa

UploadedFeb 2021

The ratings for Santam (comprising Santam Limited and its subsidiaries) have been maintained on Negative Outlook reflecting continued risks emanati...

Goldstar Insurance Company Limited

Uganda

UploadedFeb 2021

The rating affirmation reflects the insurer’s very strong financial profile, characterised by very strong risk adjusted capitalisation and li...

GCR expects a relatively stable Kenyan insurance sector in 2021, despite covid-19 uncertainty

Kenya

UploadedFeb 2021

GCR rates 21 insurers in the Kenyan insurance industry out of the 67 insurers and reinsurers licensed and regulated by the Insurance Regulatory Aut...

New insurance law likely to have a positive impact on the Ghanaian insurance industry

Ghana

UploadedFeb 2021

In February 2021 the Ghanaian president signed the Insurance Bill 2020 into law, replacing the Insurance Act of 2006. The new law includes the addi...

How does the somewhat inconsistent approach to Government support impact South African State-Owned Enterprise creditworthiness?

South Africa

UploadedFeb 2021

GCR believes that the Government of South Africa (GoSA) continues to show a strong willingness to support State Owned Entities (SOEs) in most insta...

Grand Reinsurance Company (Private) Limited

Zimbabwe

UploadedFeb 2021

The upgrade of Grand Re’s rating reflects a credit enhancement on the insurer’s stand-alone credit profile from the policyholder guaran...

Bankmed

South Africa

UploadedFeb 2021

Bankmed’s national scale financial strength rating reflects the scheme’s very strong solvency and strong liquidity, albeit restrained b...

Urban Ubomi 1 (RF) Ltd

South Africa

UploadedFeb 2021

GCR Ratings (“GCR”) accorded indicative long-term credit ratings to the various Classes of Notes to be issued by Urban Ubomi 1 (RF) Lim...

GCR Risk Score Snapshot as of 10th Feb 2021

South Africa

UploadedFeb 2021

The GCR Ratings Framework is anchored upon the GCR Risk Score. This numerical scoring system, which forms a single analytical approach across multi...

South African Funds Peer Comparison

South Africa

UploadedJan 2021

The South African Interest-bearing (“SAIB”) fund market amounted to ZAR793.5 bln (c. USD52 bln) at September 30th 2020

Chubb Insurance South Africa Limited

South Africa

UploadedJan 2021

Chubb Insurance South Africa Limited’s (“Chubb SA”) national scale financial strength rating was affirmed with a Stable Outlook,...

FAQ: Banks and Other Financial Institutions Act Nigeria (BOFIA 2020)

Nigeria

UploadedJan 2021

In November 2020, the ‘Banks and Other Financial Institutions Act’ (“BOFIA”) was signed into law by President Muhammadu Buh...

Stanbic Bank Zimbabwe Limited

Zimbabwe

UploadedDec 2020

The ratings on Stanbic Bank Zimbabwe Limited (“Stanbic Zimbabwe”) reflect the bank’s sound business profile supported by above av...

The Heritage Insurance Company Tanzania Limited

Tanzania

UploadedDec 2020

The Heritage Insurance Company Tanzania Limited’s (“Heritage Tanzania”) national scale financial strength rating reflects its str...

Fortress REIT Limited

South Africa

UploadedDec 2020

The affirmation of Fortress REIT Limited’s (“Fortress”) ratings on 09 December 2020 reflects the REIT’s large, diverse, and...

Murray & Roberts Holdings Limited

South Africa

UploadedDec 2020

The Negative Outlook reflects GCR’s concerns that renewed COVID-19 related disruptions will place further pressures on Murray & Roberts H...

Occidental Insurance Company Limited

Kenya

UploadedDec 2020

Occidental Insurance Company Limited’s (“OIC Kenya”) rating is anchored by strong risk adjusted capitalisation, balancing interme...

South African Securitisation Programme (RF) Limited Series 3

South Africa

UploadedDec 2020

GCR Ratings (“GCR”) assigned issue credit ratings to the Class A6, Class B6 and Class C6 Notes issued under the South African Securitis...

CIC Life Assurance Limited

Kenya

UploadedDec 2020

The rating downgrade follows a deterioration in the credit profile of the group, headed by CIC Insurance Group PLC, the majority shareholder in CIC...

KAP Industrial Holdings Limited

South Africa

UploadedDec 2020

The affirmation of KAP Industrial Holdings Limited’s (“KAP”) ratings on 20 November 2020 reflects the expectation that the group&...

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