Credit Rating Reports

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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...

Fox Street 7 (RF) Limited

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...

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...

African Oxygen Limited

South Africa

UploadedSep 2019

Afrox is Southern Africa’s leading industrial gases, liquified petroleum gas (“LPG”) and welding products group, with a direct pr...

Vukile Property Fund Limited

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...

Sasfin BCI Optimal Income Fund

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...

Vukile Property Fund Limited Group 1 Notes

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...

Emira Property Fund Limited

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 African Securitisation Programme (RF) Limited Series 1

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...

Compass Securitisation (RF) Limited

South Africa

UploadedAug 2019

Compass Securitisation (RF) Limited (“Compass”, “the Issuer”) is a ZAR1bn Equipment Receivables Backed Note Programme estab...

AECI Limited

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...

King Cetshwayo District Municipality

South Africa

UploadedJun 2019

The rating on King Cetshwayo District Municipality (‘KCDM’) reflects the relatively strong South African sector score for local authori...

Short Term Insurance Industry Compendium - Sub-Saharan Africa

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 African Securitisation Programme (RF) Limited Series 2

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 African Securitisation Programme (RF) Limited Series 3

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 African Securitisation Programme (RF) Limited Series 1

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...

Commissioner Street No.10 (RF) Ltd

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...

Nitro Securitisation 6 (RF) Limited

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 African Securitisation Programme (RF) Limited – Series 1 R5bn Lease Receivables Backed Note Programme

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...

iNkotha Investments (RF) Limited

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...

iVuzi Investments (RF) Limited

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...

Fortress REIT Limited

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...

BCI Money Market Fund

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...

Transmed Medical Fund

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...

Discovery Health Medical Scheme

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...

STANLIB Corporate Money Market Fund

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...

STANLIB Extra Income Fund

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...

Hospitality Property Fund Limited R960m Senior Secured Notes

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...

Investec STeFI Plus Fund

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...

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