Credit Rating Reports

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Centriq Insurance Company Limited (2021-10)

South Africa

UploadedOct 2021

Centriq has a limited market share of c. 3% of overall short term insurance premiums, although we consider its specialist focus and established pos...

Zambia Reinsurance Plc (2021-10)

Zambia

UploadedOct 2021

Zambia Re has a low market share of between 2% and 3% of domestic primary market cessions and is a very small player in other markets of operation....

NICOZDiamond Insurance Limited (2021-10)

Zimbabwe

UploadedOct 2021

The group’s financial profile has remained strong, supported by strong capitalisation and sound earnings generation. Risk adjusted capitalisa...

Ardova Plc (2021-10)

Nigeria

UploadedOct 2021

The robust earnings growth has been supportive to the ratings, underpinned by the strong revenue progression in PMS (due to higher volumes and pric...

Ardova Plc's Series 1 (Tranches A & B) Senior Unsecured Bond (2021-10)

Nigeria

UploadedOct 2021

Ardova has registered a N60bn Bond Issuance Programme (“BIP” or “the Programme”) with the Securities and Exchange Commissio...

Bank of Kigali Plc (2021-10)

Rwanda

UploadedOct 2021

Bank of Kigali is the largest bank in Rwanda’s relatively overbanked and increasingly competitive banking sector and had strong market shares...

Victoria Commercial Bank Limited (2021)

Kenya

UploadedOct 2021

The bank is currently positioned as the top tier 3 bank in Kenya with its market share recorded at 0.7% as of 30 June 2021 and in addition it outpe...

Greenwich Merchant Bank Limited (2021-09)

Nigeria

UploadedOct 2021

Greenwich MB’s funding and liquidity is robust and considered appropriate for its current operational scale. As of 30 June 2021, the bank was...

Equites Property Fund Limited (2021-10)

South Africa

UploadedOct 2021

The REIT has a growing property portfolio which was valued at R19.2bn at FY21 (FY20: R14.8bn), with 95% comprising A-grade, blue-chip tenants. The...

East African Development Bank (2021-09)

Uganda

UploadedOct 2021

The operating environment factors in concentration of developmental exposures to a relatively stronger grouping of East African countries, a less d...

AB Finco 2 (RF) Limited, Transaction 1, Series 2 (2021-09)

South Africa

UploadedSep 2021

This is the second Series of Notes to be issued under the first Transaction entered into by the Issuer, which is, in turn, the second Issuer to iss...

Chubb Insurance South Africa Limited (2021-09)

South Africa

UploadedSep 2021

Risk adjusted capitalisation was maintained within a strong range over the review period, supported by a large capital base catering for well conta...

Safari Investments RSA Limited (2021-09)

South Africa

UploadedSep 2021

The deterioration in the gearings metrics contributes negatively to the ratings assessment. The LTV ratio increased to 41% at FY21 (FY19: 36%), as...

TUHF Limited (2021-09)

South Africa

UploadedSep 2021

TUHF predominantly focusses on providing finance to property entrepreneurs for the purchase, and/or conversion/refurbishment of buildings in the in...

Mayfair Insurance Company Limited (2021-09)

Kenya

UploadedSep 2021

Mayfair exhibits high levels of risk adjusted capitalisation. The entity sustained these levels of capital adequacy over the review period, driven...

Bankmed (2021-09)

South Africa

UploadedSep 2021

Bankmed reported a very large net surplus of R668m in FY20 as low non-essential benefit utilisation caused atypically low claims frequency, in line...

Sterling Bank Plc (2021-09)

Nigeria

UploadedSep 2021

Sterling’s competitive position is supported by its strong track record, having maintained positive earnings trajectory over the review perio...

AIG Kenya Insurance Company Limited (2021-09)

Kenya

UploadedSep 2021

Risk adjusted capitalisation represents a key rating strength. The entity exhibited improvements in capital adequacy over the review period driven...

CIC Life Assurance Limited (2021-09)

Kenya

UploadedSep 2021

Over the past five years, the underwriter’s capacity to generate internal capital has been sluggish, considering weak earnings performance de...

ICEA LION Life Assurance Company Limited (2021-09)

Kenya

UploadedSep 2021

Risk adjusted capitalisation is assessed at very strong levels, underpinned by the maintenance of a large capital base, sufficient to absorb aggreg...

ENL Consortium Limited (2021-05)

Nigeria

UploadedSep 2021

ENL’s operations are underpinned by the long-term concession granted by the Nigeria Port Authority to operate terminal C and D of the Lagos A...

CapitalSage Limited (2021-07)

Nigeria

UploadedSep 2021

CapitalSage has reported strong cash flows over the two-year period on the back of good earnings. While the cash flows have been sufficient to cove...

Curro Holdings Limited (2021-09)

South Africa

UploadedSep 2021

The group has historically operated with a high degree of leverage, increasing gross debt to R4.1bn at FY19 to fund investments into its growing st...

South African Securitisation Programme (RF) Limited Series 3 (2021-09)

South Africa

UploadedSep 2021

The capital structure has remained unchanged post the issuance of R276m Class A7 Notes (refinancing maturing R276m Class A2 Notes), R45m Class B7 N...

AB Finco 2 (RF) Limited -Transaction 3-Series 2 (2021-09)

South Africa

UploadedSep 2021

The fact that the Notes are to mature on an earlier date than the Participating Assets makes the “price return” leg of the TRS a fundam...

Credit Guarantee Insurance Corporation of Africa Limited (2021-09)

South Africa

UploadedSep 2021

CGIC’s earnings are assessed within an intermediate range, despite a slight moderation registered in FY20 emanating from the COVID-19 lockdow...

Fox Street 6 (RF) Limited (2021-09)

South Africa

UploadedSep 2021

Fox Street 6 (RF) Ltd (“Fox Street 6”, “the Issuer” or “the Transaction”) is a Residential Mortgage-Backed Secu...

County Government of Kisumu (2021-09)

Kenya

UploadedSep 2021

Kisumu’s OSR growth has been erratic over the last 5 years with collections consistently falling below target (FY18/19: 61.0%, FY17/18: 76.2%...

County Government of Makueni (2021-09)

Kenya

UploadedSep 2021

Makueni County, with an estimated population of just over 1 million, is predominantly rural, and highly reliant on subsistence agriculture. Key soc...

County Government of Bungoma (2021-09)

Kenya

UploadedSep 2021

Bungoma’s OSR grew from around KES485m in FY14/15 to KES675m in FY18/19, and further to KES860m in FY19/20 despite the Covid-19 pandemic. Bun...

Infrastructure Credit Guarantee Company Limited (2021-09)

Nigeria

UploadedSep 2021

Operational uniqueness offers some monopolistic privileges to InfraCredit, with no direct competitor in the country presently. However, the company...

Ecobank Zimbabwe Limited (2021-09)

Zimbabwe

UploadedSep 2021

The bank has a sound competitive position in comparison to rated peers reflected by 1) dominance in trade finance/ structured finance, 2) increasin...

Ecobank Ghana Limited (2021-09)

Ghana

UploadedSep 2021

The competitive positioning of the bank is a relative strength to the rating, benefiting from its well-established franchise and leading domestic p...

Stanbic Bank Zimbabwe Limited (2021-09)

Zimbabwe

UploadedSep 2021

Stanbic Zimbabwe is one of the leading banks in Zimbabwe with a high market share across loans and deposits and has a strong franchise within the l...

Dipula Income Fund Limited (2021-09)

South Africa

UploadedSep 2021

Liquidity coverage remains adequate, underpinned by available facilities of R340m, minimal short term debt maturities and limited capex plans. As a...

Accelerate Property Fund Limited Rated (2021-09)

South Africa

UploadedSep 2021

Accelerate is proceeding with its intention to sell its European assets, which is expected to provide support to the funding profile. Following the...

First Capital Bank Zimbabwe Limited (2021-09)

Zimbabwe

UploadedSep 2021

The bank has a relatively sound competitive position supported by consistent market shares in both customer deposits and advances. Franchise streng...

Nigerian Breweries Plc (2021-04)

Nigeria

UploadedSep 2021

The ratings are supported by NB’s strong competitive position, large distribution network, extensive customer base and well diversified produ...

Octodec Investments Limited (2021-09)

South Africa

UploadedSep 2021

Cash preservation measures undertaken have supported Octodec’s liquidity profile. These include the FY20 partial dividend retention and limit...

South African Securitisation Programme (RF) Limited Series 1 (2021-09)

South Africa

UploadedSep 2021

SASP 1 is the first of three series of the R5bn multi-seller segregated asset-backed notes programme of rental and equipment lease financed assets...

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