Credit Rating Reports

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WSTC Financial Services Limited (Aug 2022)

Nigeria

UploadedAug 2022

WSTC’s strong capitalisation is a key rating strength, with the capital adequacy ratio (“CAR”) historically maintained well above...

International Breweries Plc (Aug 2022)

Nigeria

UploadedAug 2022

During FY21, IBPLC consolidated on its position as one of the leading local brewers, following the merger with AB InBev in 2017. The higher product...

NICOZDiamond Insurance Limited (Aug 2022)

Zimbabwe

UploadedAug 2022

Holdings Limited (“FMHL”), listed on the ZSE. NICOZDiamond emanated from the merger of previously state-owned NICOZ Insurance Company a...

Agri Harvest Investments (RF) Limited Transaction 1 (Jul 2022)

South Africa

UploadedAug 2022

The Transaction is an asset-backed securitisation of agricultural loans that are advanced to commercial farmers in South Africa and forms part of a...

Octodec Investments Limited (Aug 2022)

South Africa

UploadedAug 2022

JSE-listed Octodec Investments Limited (“Octodec” or “the REIT”) is a medium-scale fund comprising 254 properties across a...

ICEA LION General Insurance Company Limited (Jul 2022)

Kenya

UploadedAug 2022

ICEA LION Insurance Holdings Limited is an investment holding company established in 2020, with interests in insurance and asset management busines...

ICEA LION Life Assurance Company Limited (Jul 2022)

Kenya

UploadedAug 2022

ICEA LION Holdings is an investment holding company established in 2020, with interests in insurance and asset management businesses in Kenya, Ugan...

Sterling Asset Management and Trustees Limited (Aug 2022)

Nigeria

UploadedAug 2022

Funding and liquidity position is assessed at an intermediate level. SAMTL’s funding base comprises largely investment products targeted at h...

RA International FZCO (UAE) (Jul 2022)

Kenya

UploadedAug 2022

Founded in 2004, RA Int is one of Africa’s leading remote site service providers. The company offers construction, integrated facilities mana...

CapitalSage Limited (Aug 2022)

Nigeria

UploadedAug 2022

CapitalSage’s competitive position is considered modest, being a niche player within the larger financial services space. The Company has ope...

eThekwini Municipality (Jul 2022)

South Africa

UploadedAug 2022

eThekwini is a Category A municipality located on South Africa's east coast in KwaZulu-Natal (“KZN”). The Metro encompasses Durban,...

Tropical Reinsurance Company Limited (Jul 2022)

Zimbabwe

UploadedJul 2022

Tropical Re was formed in 2007 as a reinsurer domiciled in Zimbabwe. The reinsurer is a subsidiary of Nzou Holdings Limited (“the group&rdquo...

Jubilee Allianz General Company Limited (Jul 2022)

Uganda

UploadedJul 2022

Uganda Reinsurance Company Limited (Jul 2022)

Uganda

UploadedJul 2022

Uganda Re was incorporated in November 2000 and commenced operations in 2013. The company is the only locally licenced reinsurer in Uganda and bene...

Stanbic Bank Zimbabwe Limited (Jul 2022)

Zimbabwe

UploadedJul 2022

Stanbic Bank Zimbabwe Limited is incorporated and domiciled in Zimbabwe and provides a wide range of commercial banking and related financial servi...

Transaction Capital Limited (Jul 2022)

South Africa

UploadedJul 2022

The ratings on the group primarily reflect the strengths and weaknesses of its three major subsidiaries, SA Taxi, TCRSH and We Buy Cars.

Bankmed (Jul 2022)

South Africa

UploadedJul 2022

Bankmed was established as a restricted medical scheme in 1914, with the aim of servicing the banking and financial services sector (specifically t...

Swan General Ltd (Jul 2022)

Mauritius

UploadedJul 2022

Swan General (“Swan”) began operations in 1955, following the merger of The Mauritius Fire Insurance Company Limited (established in 18...

AIG Kenya Insurance Company Limited (Jul 2022)

Kenya

UploadedJul 2022

AIG Kenya (formerly Chartis Kenya) is a privately owned company licensed by the Insurance Regulatory Authority of Kenya to underwrite all classes s...

CIC Life Assurance Limited (Jul 2022)

Kenya

UploadedJul 2022

Founded in 2011 following de-consolidation of the Cooperative Insurance Company Limited’s short and long term business units, CIC Life Assura...

Kenya National Police Deposit Taking SACCO Society Limited (Jul 2022)

Kenya

UploadedJul 2022

The national scale issuer ratings on Kenya National Police DT SACCO were accorded on a stand-alone analytical approach as the entity is not part of...

Compass Insurance Company Limited (Jul 2022)

South Africa

UploadedJul 2022

Compass Insure is a wholly owned subsidiary of Hannover Re South Africa Limited, which is 100% owned by Hannover Re Group Africa. The ultimate 100%...

CIC General Insurance Limited (Jul 2022)

Kenya

UploadedJul 2022

CIC General is an insurance company licenced in Kenya to underwrite all classes of the short-term business since 1978. The entity is the flagship c...

Sappi Southern Africa Limited (Jul 2022)

South Africa

UploadedJul 2022

JSE-listed Sappi Limited (“Sappi” or “the group”) is an internationally diversified wood fibre manufacturer focused on sust...

Dangote Industries Limited (Jun 2022)

Nigeria

UploadedJun 2022

The earnings profile assessment is positive to the ratings. This reflects the size and progression of earnings over the review period, with a 5-yea...

ENL Consortium Limited (Jun 2022)

Nigeria

UploadedJun 2022

ENL reported significant growth in revenue in FY21, underpinned by the sustained performance of the relatively protected port operations and enhanc...

FCMB Asset Management Limited (June 2022)

Nigeria

UploadedJun 2022

FCMB AM's earnings evidenced an upward trajectory over the last five years, with gross revenue registering a CAGR of 35.4% on the back of the s...

King Cetshwayo District Municipality (Jun 2022)

South Africa

UploadedJun 2022

King Cetshwayo District Municipality (formerly known as uThungulu District Municipality), is one of 10 category C municipalities in the KwaZulu-Nat...

Staco Insurance Company SL Limited (Jun 2022)

Sierra Leone

UploadedJun 2022

Staco’s robust earnings capacity is a positive rating factor, predominantly underpinned by a very competitive claims ratio, which averaged 15...

Nouvelle Compagnie Africaine de Reassurances

Cote d'Ivoire

UploadedJun 2022

NCA Re was established in November 2012 to support the growth of African insurance industries. In this respect, the entity is majority owned by ins...

Transaction Capital Risk Services Proprietary Limited (Jun 2022)

South Africa

UploadedJun 2022

The national scale servicer quality ratings on Transaction Capital Risk Services Proprietary Limited (‘TCRS’) is based on the financial...

MW Asset Rentals (RF) Limited (June 2022)

South Africa

UploadedJun 2022

The Transaction is in its revolving phase and continues to acquire assets on a monthly basis. None of the Transaction’s Stop Purchase Trigger...

Professional Insurance Corporation Zambia PLC (Jun 2022)

Zambia

UploadedJun 2022

PICZ is a short-term insurer domiciled in Zambia. It is 99% owned by Finsbury Investments (‘Finsbury’), with the remaining 1% held by a...

Nqaba Finance 1 (RF) Ltd (Jun 2022)

South Africa

UploadedJun 2022

The Transaction is backed by amortising home loans advanced by EFC to direct employees of Eskom Holdings SOC Limited (“Eskom”) and othe...

Oryx Properties Limited (Jun 2022)

Namibia

UploadedJun 2022

Oryx remains the sole listed property loan stock (“PLS”) on the Namibian Stock Exchange. The fund operates like a Real Estate Investmen...

LAPO Microfinance Bank Limited (June 2022)

Nigeria

UploadedJun 2022

LAPO Mfb’s competitive position reflects its position as a dominant niche player within the microfinance banking space in Nigeria. With a bal...

iNkotha Investments (RF) Ltd (June 2022)

South Africa

UploadedJun 2022

The Issuer is a Rand Merchant Bank (“RMB”) managed structured funding vehicle that advances rand denominated overnight call loans to So...

SFS Capital Limited (June 2022)

Nigeria

UploadedJun 2022

SFS Capital is a mid-tier player within the Nigerian asset management space, with total Assets Under Management (“AUM”) of N81.9bn and...

Curro Holdings Limited (June 2022)

South Africa

UploadedJun 2022

Revenue growth continues to be driven through a combination of increasing learner numbers coupled with ongoing growth in school fees. Despite regis...

Vineyard Road Investments (RF) Ltd Vineyard Series Transaction 1 (May 2022)

South Africa

UploadedJun 2022

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...

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