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South Africa
UploadedOct 2021
Centriq has a limited market share of c. 3% of overall short term insurance premiums, although we consider its specialist focus and established pos...
Zambia
UploadedOct 2021
Zambia Re has a low market share of between 2% and 3% of domestic primary market cessions and is a very small player in other markets of operation....
Zimbabwe
UploadedOct 2021
The group’s financial profile has remained strong, supported by strong capitalisation and sound earnings generation. Risk adjusted capitalisa...
Nigeria
UploadedOct 2021
The robust earnings growth has been supportive to the ratings, underpinned by the strong revenue progression in PMS (due to higher volumes and pric...
Nigeria
UploadedOct 2021
Ardova has registered a N60bn Bond Issuance Programme (“BIP” or “the Programme”) with the Securities and Exchange Commissio...
Rwanda
UploadedOct 2021
Bank of Kigali is the largest bank in Rwanda’s relatively overbanked and increasingly competitive banking sector and had strong market shares...
Kenya
UploadedOct 2021
The bank is currently positioned as the top tier 3 bank in Kenya with its market share recorded at 0.7% as of 30 June 2021 and in addition it outpe...
Nigeria
UploadedOct 2021
Greenwich MB’s funding and liquidity is robust and considered appropriate for its current operational scale. As of 30 June 2021, the bank was...
South Africa
UploadedOct 2021
The REIT has a growing property portfolio which was valued at R19.2bn at FY21 (FY20: R14.8bn), with 95% comprising A-grade, blue-chip tenants. The...
Uganda
UploadedOct 2021
The operating environment factors in concentration of developmental exposures to a relatively stronger grouping of East African countries, a less d...
South Africa
UploadedSep 2021
This is the second Series of Notes to be issued under the first Transaction entered into by the Issuer, which is, in turn, the second Issuer to iss...
South Africa
UploadedSep 2021
Risk adjusted capitalisation was maintained within a strong range over the review period, supported by a large capital base catering for well conta...
South Africa
UploadedSep 2021
The deterioration in the gearings metrics contributes negatively to the ratings assessment. The LTV ratio increased to 41% at FY21 (FY19: 36%), as...
South Africa
UploadedSep 2021
TUHF predominantly focusses on providing finance to property entrepreneurs for the purchase, and/or conversion/refurbishment of buildings in the in...
Kenya
UploadedSep 2021
Mayfair exhibits high levels of risk adjusted capitalisation. The entity sustained these levels of capital adequacy over the review period, driven...
South Africa
UploadedSep 2021
Bankmed reported a very large net surplus of R668m in FY20 as low non-essential benefit utilisation caused atypically low claims frequency, in line...
Nigeria
UploadedSep 2021
Sterling’s competitive position is supported by its strong track record, having maintained positive earnings trajectory over the review perio...
Kenya
UploadedSep 2021
Risk adjusted capitalisation represents a key rating strength. The entity exhibited improvements in capital adequacy over the review period driven...
Kenya
UploadedSep 2021
Over the past five years, the underwriter’s capacity to generate internal capital has been sluggish, considering weak earnings performance de...
Kenya
UploadedSep 2021
Risk adjusted capitalisation is assessed at very strong levels, underpinned by the maintenance of a large capital base, sufficient to absorb aggreg...
Nigeria
UploadedSep 2021
ENL’s operations are underpinned by the long-term concession granted by the Nigeria Port Authority to operate terminal C and D of the Lagos A...
Nigeria
UploadedSep 2021
CapitalSage has reported strong cash flows over the two-year period on the back of good earnings. While the cash flows have been sufficient to cove...
South Africa
UploadedSep 2021
The group has historically operated with a high degree of leverage, increasing gross debt to R4.1bn at FY19 to fund investments into its growing st...
South Africa
UploadedSep 2021
The capital structure has remained unchanged post the issuance of R276m Class A7 Notes (refinancing maturing R276m Class A2 Notes), R45m Class B7 N...
South Africa
UploadedSep 2021
The fact that the Notes are to mature on an earlier date than the Participating Assets makes the “price return” leg of the TRS a fundam...
South Africa
UploadedSep 2021
CGIC’s earnings are assessed within an intermediate range, despite a slight moderation registered in FY20 emanating from the COVID-19 lockdow...
South Africa
UploadedSep 2021
Fox Street 6 (RF) Ltd (“Fox Street 6”, “the Issuer” or “the Transaction”) is a Residential Mortgage-Backed Secu...
Kenya
UploadedSep 2021
Kisumu’s OSR growth has been erratic over the last 5 years with collections consistently falling below target (FY18/19: 61.0%, FY17/18: 76.2%...
Kenya
UploadedSep 2021
Makueni County, with an estimated population of just over 1 million, is predominantly rural, and highly reliant on subsistence agriculture. Key soc...
Kenya
UploadedSep 2021
Bungoma’s OSR grew from around KES485m in FY14/15 to KES675m in FY18/19, and further to KES860m in FY19/20 despite the Covid-19 pandemic. Bun...
Nigeria
UploadedSep 2021
Operational uniqueness offers some monopolistic privileges to InfraCredit, with no direct competitor in the country presently. However, the company...
Zimbabwe
UploadedSep 2021
The bank has a sound competitive position in comparison to rated peers reflected by 1) dominance in trade finance/ structured finance, 2) increasin...
Ghana
UploadedSep 2021
The competitive positioning of the bank is a relative strength to the rating, benefiting from its well-established franchise and leading domestic p...
Zimbabwe
UploadedSep 2021
Stanbic Zimbabwe is one of the leading banks in Zimbabwe with a high market share across loans and deposits and has a strong franchise within the l...
South Africa
UploadedSep 2021
Liquidity coverage remains adequate, underpinned by available facilities of R340m, minimal short term debt maturities and limited capex plans. As a...
South Africa
UploadedSep 2021
Accelerate is proceeding with its intention to sell its European assets, which is expected to provide support to the funding profile. Following the...
Zimbabwe
UploadedSep 2021
The bank has a relatively sound competitive position supported by consistent market shares in both customer deposits and advances. Franchise streng...
Nigeria
UploadedSep 2021
The ratings are supported by NB’s strong competitive position, large distribution network, extensive customer base and well diversified produ...
South Africa
UploadedSep 2021
Cash preservation measures undertaken have supported Octodec’s liquidity profile. These include the FY20 partial dividend retention and limit...
South Africa
UploadedSep 2021
SASP 1 is the first of three series of the R5bn multi-seller segregated asset-backed notes programme of rental and equipment lease financed assets...