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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...
South Africa
UploadedOct 2019
GCR modelled the Transaction’s cash flows according to its proposed capital structure and priorities of payments, applying its Criteria for R...
South Africa
UploadedOct 2019
Transaction Capital Limited is an unregulated non-operating holding company (‘NOHC’), actively investing in credit-oriented alternative...
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...
South Africa
UploadedOct 2019
The ratings on Lewis Group Limited (“Lewis”, “the group”) reflects its strong financial profile and its well-entrenched loc...
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 Africa
UploadedOct 2019
SANRAL’s credit rating is premised upon the substantial ongoing financial support provided by the Government of South Africa (“GoSA&rdq...
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...
Zimbabwe
UploadedOct 2019
The ratings on Stanbic Bank Zimbabwe Limited (“Stanbic Zimbabwe”), are supported by a strong domestic competitive positioning, reflecte...
South Africa
UploadedOct 2019
enX is predominately characterised by its two largest operating entities Industrial Equipment (“IE”) and FML, housed under enX Leasing...
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...
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 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 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...
South Africa
UploadedSep 2019
Afrox is Southern Africa’s leading industrial gases, liquified petroleum gas (“LPG”) and welding products group, with a direct pr...
South Africa
UploadedAug 2019
Vukile Property Fund Limited (“Vukile”) is a JSE-listed REIT with a retail-oriented investment strategy, whose asset base is underpinne...
South Africa
UploadedAug 2019
The fund’s objective is to offer a specialist income generating portfolio that substantially tracks the South African short-term interest rat...
South Africa
UploadedAug 2019
Vukile’s long-term issuer rating was upgraded to ‘AA-(ZA)’ from ‘A+(ZA)’ by GCR in July 2019. The upgrade was premise...
South Africa
UploadedAug 2019
Listed in 2003 as a property unit trust (“PUT”) under the Collective Investments Scheme Control Act (“CISCA”), Emira (the r...
South Africa
UploadedAug 2019
The South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1”) is the first of three series in a R5bn multi-seller...
South Africa
UploadedAug 2019
Compass Securitisation (RF) Limited (“Compass”, “the Issuer”) is a ZAR1bn Equipment Receivables Backed Note Programme estab...
South Africa
UploadedJun 2019
AECI is a leading manufacturer and supplier of mining explosives and chemicals in Africa. Specifically, its mining explosives business is one of th...
South Africa
UploadedJun 2019
The rating on King Cetshwayo District Municipality (‘KCDM’) reflects the relatively strong South African sector score for local authori...
Botswana
UploadedJun 2019
This introduces GCR Ratings (“GCR”) first Short Term Insurance Compendium for Sub-Saharan Africa. In this publication, GCR provides a b...
South Africa
UploadedJun 2019
The South African Securitisation Programme (RF) Limited – Series 2 (“SASP 2”) is a revolving series and the second of three serie...
South Africa
UploadedJun 2019
The South African Securitisation Programme (RF) Limited – Series 3 (“SASP 3”) is a revolving series and the third of three series...
South Africa
UploadedJun 2019
The South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1”) is the first of three series in a R5bn multi-seller...
South Africa
UploadedMay 2019
The rating of the Series 2 Notes is credit-linked to the long-term unsecured credit ratings of the underlying Borrower. The rating of the Series 3...
South Africa
UploadedMay 2019
The final, public credit ratings accorded to the Class B and C Notes relate to timely payment of interest and ultimate payment of principal by the...
South Africa
UploadedMay 2019
The transaction benefits from an aggregate R189.4m that comprises the unrated Subordinated Loan and First Loss Loan which are partially used to fun...
South Africa
UploadedMay 2019
iNkotha is an RMB managed structured funding vehicle that advances Rand denominated overnight call loans to South African corporates, as well as So...
South Africa
UploadedMay 2019
The final, public rating accorded to the Notes in issue under the Issuer’s ABCP Programme relates to timely payment of interest and principal...
South Africa
UploadedApr 2019
Fortress is an internally asset managed hybrid REIT that invests directly in property and in listed securities. It continues to shift its direct in...
South Africa
UploadedApr 2019
The fund rating on BCI Money Market Fund (“the fund”) reflects its category within the collective investment scheme for money market un...
South Africa
UploadedApr 2019
Incorporated in 1982, Transmed has since operated as a closed medical scheme providing medical cover to the employees of the Transnet Group, its su...
South Africa
UploadedApr 2019
DHMS was incorporated in 1994 and has since grown to become the largest scheme in the domestic medical scheme industry, covering in excess of 2.8m...
South Africa
UploadedApr 2019
Objective – to offer investors a means to participate in a well-diversified portfolio of MM instruments (as defined from time to time), in co...
South Africa
UploadedApr 2019
Objective - The fund aims to provide a reasonable level of current income and stability for capital invested. The fund complies with the requiremen...
South Africa
UploadedApr 2019
Post the new issuance of R300m HPF12 Notes on 17 April 2019 and following the payment in full of the maturing R150 HPF09 Notes on 15 April 2019, HP...
South Africa
UploadedMar 2019
Investment policy – objective is to offer a fixed interest portfolio which has a high degree of liquidity and capital preservation and a low...