Credit Rating Reports

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Zimnat Life Assurance Company Limited (2021-12)

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...

AB Finco 1 (RF) Limited Series 1, 3, 4, 5 and 7 (2021-12)

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...

Société Nationale d’Assurances et de Réassurances (2021-12)

Burkina Faso

UploadedDec 2021

Liquidity remains a key rating weakness, limited by a relatively aggressive investment allocation stance. Further considering increases in net tech...

Urban Ubomi 1 (RF) Ltd (2021-12)

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...

Nitro Securitisation 6 (RF) Limited (2021-12)

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...

Star Assurance Company Limited (2021-12)

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 National Reinsurance Corporation Limited (2021-12)

Namibia

UploadedDec 2021

NamibRe’s earnings were maintained within an intermediate level, supported by a favourable claims experience balancing off an increase in net...

CBZ Bank Limited (2021-12)

Zimbabwe

UploadedDec 2021

The business profile is ratings positive. The group has very good levels of business diversification. Though predominantly banking focused, the Gro...

Eat & Go Finance SPV Plc’s Series 2 Senior Unsecured Bonds (2021-12)

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...

Capital Harvest Finance (RF) Limited (2021-12)

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...

CBZ Life Limited (2021-12)

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...

Fortress REIT Limited (2021-12)

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...

FBNQuest Merchant Bank Limited (2021-12)

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...

MW Asset Rentals (RF) Limited (2021-12)

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...

Phoenix of Tanzania Assurance Company Limited (2021-12)

Tanzania

UploadedDec 2021

Risk adjusted capitalisation measured at very strong levels, reinforced by sustained internal capital generation and full profit retention. In this...

Jubilee Health Insurance Limited (2021-12)

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...

Zimnat Lion Insurance Company Limited (2021-12)

Zimbabwe

UploadedDec 2021

MHM issued an unconditional, irrevocable guarantee in favour of Zimnat Lion’s policyholders, which will result in MHM paying policyholder obl...

Santam Limited (2021-12)

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...

MUA Insurance (Uganda) Limited (2021-11)

Uganda

UploadedDec 2021

The insurer’s risk adjusted capitalisation represents a key credit strength, underpinned by consistent internal capital generation over the r...

Guinness Nigeria Plc (2021-12)

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...

Sundry Markets Limited (2021-12)

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...

Murray & Roberts Holdings Limited (2021-12)

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...

Northam Platinum Limited (2021-12)

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...

KAP Industrial Holdings Limited (2021-12)

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...

African Export Import Bank (2021-11)

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...

Lagos State Government ’s N 137.3 bn Series IV Senior Unsecured Bonds (2021-12)

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...

FBC Bank Limited (2021-11)

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...

Resilient REIT Limited (2021-11)

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...

Dufil Prima Foods Plc (2021-11)

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...

Flour Mills of Nigeria Plc (2021-11)

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...

Letshego Bank Namibia Limited (2021-11)

Namibia

UploadedNov 2021

The report includes the following rated entities: Letshego Bank Namibia Limited, & Letshego Micro Financial Services Namibia (Pty) Limited. Fun...

Old Mutual Short-Term Insurance (Botswana) Limited (2021-11)

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...

FBC Reinsurance Company Limited (2021-11)

Zimbabwe

UploadedNov 2021

The reinsurer’s risk adjusted capitalisation moderated on an inflation adjusted basis compared to historical levels. In this respect, the GCR...

Lidwala Insurance Company Limited (2021-11)

Eswatini

UploadedNov 2021

Risk adjusted capitalisation strengthened in FY21, supported by well contained exposures to insurance and market risks, coupled with sound internal...

South African Securitisation Programme (RF) Limited Series 2 (2021-11)

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...

CBZ Insurance (Private) Limited (2021-11)

Zimbabwe

UploadedNov 2021

CBZ Insurance’s earnings profile improved in FY20, supported by sound underwriting profitability coupled with reduced exposure to net monetar...

Investec Property Fund Limited (2021-11)

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...

MW Asset Rentals (RF) Limited (2021-11)

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...

I&M Bank (Rwanda) PLC (2021-10)

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 Mortgage Refinancing Company Plc (2021-10)

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...

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