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Zimbabwe
UploadedDec 2021
Earnings moderated in FY20 driven by operating expenses and claims incurred, which remained elevated due to the negative impact of the change in fu...
South Africa
UploadedDec 2021
The claims of Noteholders in respect of each Transaction are secured though a limited recourse guarantee issued by the Security SPV, which has been...
Burkina Faso
UploadedDec 2021
Liquidity remains a key rating weakness, limited by a relatively aggressive investment allocation stance. Further considering increases in net tech...
South Africa
UploadedDec 2021
Proceeds of the Existing Notes issuance, together with the proceeds of the Subordinated Loan, were used by the Issuer to acquire a pool of Loan Agr...
South Africa
UploadedDec 2021
Nitro 6 is a public securitisation of Instalment Sale Agreements (“ISAs”) originated by WesBank and subsequently sold to the Issuer. Th...
Ghana
UploadedDec 2021
Relative to historical levels, liquidity metrics maintained a downward trend at FY20, a result of increased exposure to investment property in FY19...
Namibia
UploadedDec 2021
NamibRe’s earnings were maintained within an intermediate level, supported by a favourable claims experience balancing off an increase in net...
Zimbabwe
UploadedDec 2021
The business profile is ratings positive. The group has very good levels of business diversification. Though predominantly banking focused, the Gro...
Nigeria
UploadedDec 2021
ENG, the Issuer and the Bond Trustees have executed a deed of covenant, pursuant to which ENG, in its capacity as the Guarantor, absolutely, irrevo...
South Africa
UploadedDec 2021
The Transaction is an asset-backed securitisation of agricultural loans that are advanced to commercial farmers in South Africa. The agricultural l...
Zimbabwe
UploadedDec 2021
CBZ Life has registered a protracted contraction in premiums over the past three years with the market share registering at 1.5% in FY20 (FY19: 2.3...
South Africa
UploadedDec 2021
Fortress’ strong portfolio quality assessment continues to benefit from its scale and bias towards high quality logistics and retail assets i...
Nigeria
UploadedDec 2021
FBNQ MB’s funding and liquidity is assessed at an intermediate level. The bank is predominantly funded through customer deposits, which accou...
South Africa
UploadedDec 2021
The Issuer used the proceeds from the New Notes to refinance the R200m MWAR03 Notes that matured on their Scheduled Maturity Date of 22 November 20...
Tanzania
UploadedDec 2021
Risk adjusted capitalisation measured at very strong levels, reinforced by sustained internal capital generation and full profit retention. In this...
Kenya
UploadedDec 2021
Jubilee Health Kenya is the leading medical insurance underwriter in the local market, commanding a very strong market share of 18.5% in that segme...
Zimbabwe
UploadedDec 2021
MHM issued an unconditional, irrevocable guarantee in favour of Zimnat Lion’s policyholders, which will result in MHM paying policyholder obl...
South Africa
UploadedDec 2021
The Santam group maintained solvency levels of slightly above 160% at both FY20 and 1H F21 under the Economic Internal Model (“EIM”), a...
Uganda
UploadedDec 2021
The insurer’s risk adjusted capitalisation represents a key credit strength, underpinned by consistent internal capital generation over the r...
Nigeria
UploadedDec 2021
Guinness’ strong financial profile is supported by its moderate debt level. Gross debt reduced by almost half to N12bn at 9M FY21, following...
Nigeria
UploadedDec 2021
Sundry Markets has reported strong revenue progression over the review period with a CAGR of 97% between FY16 and FY20, underpinned by rapid store...
South Africa
UploadedDec 2021
Despite continued COVID-19 headwinds experienced during 1H FY21 and into Q3, the group's operating performance for the full year was stronger t...
South Africa
UploadedDec 2021
In order to facilitate a new composite empowerment structure, Northam became a wholly owned subsidiary of a new listed parent company Northam Plati...
South Africa
UploadedDec 2021
The benefits of having diverse operating segments has been clearly evidenced over the past 18 months. Logistics remained stable in FY20, when all t...
Egypt
UploadedDec 2021
With development related exposures of about USD16bn at 31 Dec. 2020, Afreximbank is one of the largest MDBs operating in the African region. The Ba...
Nigeria
UploadedDec 2021
Coupon and principal repayment obligations on the Bonds will be serviced through monthly transfers into the Sinking Fund Account from the Consolida...
Zimbabwe
UploadedNov 2021
The risk profile is a slight ratings positive, supported by sound asset quality metrics. Nonetheless, cognisance is taken of the prevailing challen...
South Africa
UploadedNov 2021
The portfolio delivered a robust performance for FY21 despite the challenging landscape with the imposition of trading restrictions through the pea...
Nigeria
UploadedNov 2021
Earnings are a ratings strength. Dufil has reported strong revenue progression over the years, with 8% growth in earnings in FY20 despite COVID 19...
Nigeria
UploadedNov 2021
GCR considers FMN to be moderately geared. Despite the spike in gross debt by N26.5bn to c.N150bn at FY21, net debt to EBITDA moderated to 1.3x (FY...
Namibia
UploadedNov 2021
The report includes the following rated entities: Letshego Bank Namibia Limited, & Letshego Micro Financial Services Namibia (Pty) Limited. Fun...
Botswana
UploadedNov 2021
Risk adjusted capitalisation is strong underpinned by low market risk and somewhat manageable credit risk exposures relative to the capital base. C...
Zimbabwe
UploadedNov 2021
The reinsurer’s risk adjusted capitalisation moderated on an inflation adjusted basis compared to historical levels. In this respect, the GCR...
Eswatini
UploadedNov 2021
Risk adjusted capitalisation strengthened in FY21, supported by well contained exposures to insurance and market risks, coupled with sound internal...
South Africa
UploadedNov 2021
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...
Zimbabwe
UploadedNov 2021
CBZ Insurance’s earnings profile improved in FY20, supported by sound underwriting profitability coupled with reduced exposure to net monetar...
South Africa
UploadedNov 2021
IPF’s portfolio was written down by an aggregate R899m during the year and together with the disposal of certain properties, this saw the val...
South Africa
UploadedNov 2021
MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) that has i...
Rwanda
UploadedNov 2021
I&M (Rwanda)’s competitive position is supported by its sound market position as a top tier bank that operates in a somewhat overbanked a...
Kenya
UploadedNov 2021
The financial profile is supportive of KMRC’s credit profile. Capitalisation is very strong, with a GCR leverage ratio of 14.7% at FY21. Even...