Credit Rating Reports

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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...

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...

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...

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...

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...

County Government of Bungoma

Kenya

UploadedMar 2020

The ratings on the County Government of Bungoma (“Bungoma County”) reflects its strong financial profile and ongoing government support...

The Heritage Insurance Company Tanzania Limited

Tanzania

UploadedMar 2020

The Heritage Insurance Company Tanzania’s national scale financial strength rating reflects a strong financial profile, which is complemented...

Vineyard Road Investments (RF) Ltd Vineyard Series Transaction 1

South Africa

UploadedMar 2020

GCR Ratings affirmed the short-term programme rating assigned to the Class A Notes issued by Vineyard Road Investments (RF) Ltd under the Vineyard...

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

South Africa

UploadedFeb 2020

On 21 February 2020, GCR Ratings (“GCR”) affirmed the public short-term issue Programme credit rating to the Senior Secured ABCP Series...

Global Alliance Seguros S.A

Mozambique

UploadedFeb 2020

The national scale financial strength rating of Global Alliance Seguros, S.A. reflects its access to operational and technical support from the par...

iVuzi Investments (RF) Limited

South Africa

UploadedFeb 2020

GCR Ratings affirmed the national scale short-term credit ratings of ‘A1+(ZA)(sf)’ assigned to the Asset Backed Commercial Paper  ...

Hosmed Medical Scheme

South Africa

UploadedJan 2020

Hosmed's national scale financial strength rating reflects the scheme’s adequate solvency and strong liquidity. Offsetting these is the l...

AB Finco 1 (RF) Limited

South Africa

UploadedJan 2020

 GCR Ratings assigned public long-term issue credit ratings to AB Finco 1 (RF) Limited (“AB Finco 1” or the “Issuer”)...

Chubb Insurance South Africa Limited

South Africa

UploadedJan 2020

Chubb SA rating is underpinned by a strong financial profile which reflects a high level of capital and liquidity strength and sound earnings. The...

Fedhealth Medical Scheme

South Africa

UploadedJan 2020

Fedhealth Medical Scheme’s (“Fedhealth”) rating is underpinned by a strong financial profile (a function of strong solvency, soun...

Centriq Insurance Company (RF) Limited

South Africa

UploadedDec 2019

Centriq Insurance Company Limited's (“Centriq”) national scale financial strength rating reflects a high level of stability within...

eThekwini Municipality

South Africa

UploadedDec 2019

ETH is a key hub of economic activity, representing approximately 7% of domestic GDP and just over 60% of the KwaZulu Natal province’s produc...

Medshield Medical Scheme

South Africa

UploadedDec 2019

Medshield is a not-for-profit medical scheme operating in South Africa, providing medical cover to approximately 165,401 beneficiaries at FY18. The...

South African Securitisation Programme (RF) Limited Series 2

South Africa

UploadedDec 2019

SASP 2 is the second of three series of the R5bn Multi-Seller Segregated Asset-Backed Note Programme of rental and equipment lease financed assets...

MW Asset Rentals (RF) Ltd

South Africa

UploadedDec 2019

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

Fox Street 7 (RF) Limited

South Africa

UploadedNov 2019

GCR modelled the Transaction’s cash flows according to its final capital structure and priorities of payments, applying its Criteria for Rati...

MW Asset Rentals (RF) Limited

South Africa

UploadedNov 2019

The Transaction has two Subordinated Loans outstanding with an aggregate value of R145,645,00. These are unrated and held by Merchant West (Pty) Lt...

Transaction Capital Limited

South Africa

UploadedOct 2019

Transaction Capital Limited is an unregulated non-operating holding company (‘NOHC’), actively investing in credit-oriented alternative...

Grindrod Bank Limited

South Africa

UploadedOct 2019

Grindrod considers relationships with its customers as the mainstay of the business, hence providing a wide range of personalised products and serv...

Lewis Group Limited

South Africa

UploadedOct 2019

The ratings on Lewis Group Limited (“Lewis”, “the group”) reflects its strong financial profile and its well-entrenched loc...

Curro Holdings Limited

South Africa

UploadedOct 2019

Curro’s ratings are underpinned by the supportive operating environment for private education and relative earnings stability. Against the ba...

South African National Roads Agency SOC Limited

South Africa

UploadedOct 2019

SANRAL’s credit rating is premised upon the substantial ongoing financial support provided by the Government of South Africa (“GoSA&rdq...

enX Corporation Limited Partially Guaranteed Notes

South Africa

UploadedOct 2019

Structured bond ratings provide an estimate of the expected loss in the event of an Issuer default and are a function of the estimated probability...

Stanbic Bank Zimbabwe Limited

Zimbabwe

UploadedOct 2019

The ratings on Stanbic Bank Zimbabwe Limited (“Stanbic Zimbabwe”), are supported by a strong domestic competitive positioning, reflecte...

enX Corporation Limited Partially Guaranteed Notes

South Africa

UploadedOct 2019

enX is predominately characterised by its two largest operating entities Industrial Equipment (“IE”) and FML, housed under enX Leasing...

MW Asset Rentals (RF) Limited

South Africa

UploadedOct 2019

For the current surveillance, GCR reviewed the Transaction’s performance over the period since the last rating action which took place on the...

Equites Property Fund Limited

South Africa

UploadedSep 2019

Equites listed on the JSE in June 2014. The REIT’s strategic mandate is to focus exclusively on logistics properties, particularly “big...

South African Securitisation Programme (RF) Limited - Series 1

South Africa

UploadedSep 2019

The capital structure remained unchanged post the 19 August 2019 issuance of R230m in Class A27 Notes (refinancing maturing R230m Class A23 Notes),...

South African Securitisation Programme (RF) Limited Series 3

South Africa

UploadedSep 2019

The capital structure has remained unchanged post the 15 August 2019 issuance of R259m in Class A5 Notes (refinancing maturing R259m Class A1 Notes...

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