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South Africa
UploadedMay 2022
The Transaction is a mortgage-backed securitisation of commercial property mortgage loans advanced to entrepreneurs in the inner-city precincts of...
South Africa
UploadedMay 2022
MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) with R1.55...
Kenya
UploadedMay 2022
Laikipia’s credit profile has been bolstered by an improvement in operating performance. Both total income and own source revenue (“OSR...
Kenya
UploadedMay 2022
On a stand-alone basis, we view the improvement in Jubilee Life Kenya’s 3Q F21 statutory capital adequacy ratio (“CAR”) to 150% (...
South Africa
UploadedMay 2022
The Hollard group’s credit profile is bolstered by an entrenched market position, underpinned by a strong franchise in the South African shor...
South Africa
UploadedMay 2022
Cognisance is taken of BCMM’s status as a metropolitan municipality, given its role as a hub of economic activity in the region and the gover...
South Africa
UploadedApr 2022
WCDM has a fairly small population with socio-economic indicators broadly in line with national averages. Positively, economic activity is diverse...
South Africa
UploadedApr 2022
Genric’s earnings capacity strengthened over the past two years, with the underwriting margin improving to 11.5% in FY21 (FY20: 5.2%), compar...
South Africa
UploadedApr 2022
Tshwane’s operating performance was severely impacted by liquidity constraints during 2H FY21. Cash inflows had declined as a result of poor...
South Africa
UploadedApr 2022
NHFC’s primary funding source has been the government (100% ownership) with minimal levels of external debt in its capital structure. This, c...
Nigeria
UploadedApr 2022
Mixta’s liquidity challenges also contribute to the ratings downgrade. Of the Group’s debt, around 68% is expected to fall due within o...
Nigeria
UploadedApr 2022
Presco’s strong competitive position reflects its status as a leader in the Nigerian palm oil production market, underpinned by its long oper...
Nigeria
UploadedApr 2022
The upward revision of Custodian Life’s national scale financial strength rating reflects the group’s strong financial profile, complem...
South Africa
UploadedApr 2022
iVuzi can acquire Financial Assets, Rated Securities and Participating Eligible Investments up to its R15bn limit, subject to Eligibility Criteria...
Zambia
UploadedApr 2022
Premium diversification takes into consideration expectations of three existing hubs reallocating more than 80% of the a reinsurer’s existing...
Nigeria
UploadedApr 2022
Capitalisation is a significant rating positive, reflecting the bank’s strong capital position, largely comprising of tier 1 capital. Notwith...
Nigeria
UploadedApr 2022
The earnings profile is considered as a positive rating factor. ENG has reported robust revenue progression, with a 5-year CAGR of 21% underpinned...
South Africa
UploadedMar 2022
Weak earnings caused risk adjusted capitalisation to reduce in line with expectations, with Solvency Capital Requirement (“SCR”) covera...
South Africa
UploadedMar 2022
Profmed has reported fairly healthy and consistent membership growth over the review period, although the scheme remains small, with a share of abo...
Kenya
UploadedMar 2022
Gross written premiums (‘GWP’) grew by a modest 0.5% to USD 208m in FY20 as performance in the underlying markets was largely impacted...
Zimbabwe
UploadedMar 2022
Credsure is a small player in the domestic market, with the traditional focus on credit business having been expanded into a combination of general...
Malawi
UploadedMar 2022
Emeritus Re Malawi reined in solvency pressures from growing aged receivables, with the balance aged above 180 days reducing to below MWK441m (FY19...
South Africa
UploadedMar 2022
The iMpumelelo Programme is a hybrid Serialised Note Programme that is fully supported by Absa Bank Ltd (“Absa” or the “Guarantor...
South Africa
UploadedMar 2022
Liquidity remains very strong, positively influencing the ratings despite the observance of a significant increase in net technical provisions, sur...
South Africa
UploadedMar 2022
GCR considers Hospitality Property Fund’s (“HPF”) to be a core operating entity of TSH, being the direct owner of most of the gro...
South Africa
UploadedMar 2022
Richefond Circle has issued Notes under its newly established R7bn Commercial Property Loan Mortgage-Backed Securitisation Programme.Using the proc...
Kenya
UploadedMar 2022
The insurer’s cash and stressed assets coverage of net technical liabilities was sustained at around 1.1x following a conservative allocation...
Kenya
UploadedMar 2022
The improvement in the group’s competitiveness reflects GA Kenya’s increased market share in the local market, offsetting relatively we...
Kenya
UploadedMar 2022
The group’s risk adjusted capitalisation is viewed to be intermediate, albeit at risk due to high investment property concentration to capita...
Kenya
UploadedMar 2022
Risk adjusted capitalisation represents a key rating strength, reflected by a strong capital base built on consistent internal capital generation a...
Kenya
UploadedMar 2022
Risk adjusted capitalisation remains a key strength, underpinned by consistent internal capital generation over the review period and conservative...
Zimbabwe
UploadedFeb 2022
The insurer’s competitive positioning remained strong, with the prior year strengthening in market share having been maintained in FY20 at 10...
Zambia
UploadedFeb 2022
Following elevated credit impairments in FY19, the reinsurer curtailed growth in receivables resulting in a moderated earnings impact. This caused...
Tanzania
UploadedFeb 2022
Risk adjusted capitalisation remained within strong levels, despite moderations experienced in FY20. On account of net losses incurred and dividend...
South Africa
UploadedFeb 2022
Urban Ubomi 1 (RF) Ltd is a bankruptcy remote, ring-fenced SPV owned by The Urban Ubomi 1 Owner Trust. The trustee of the Owner Trust is Quadridge...
South Africa
UploadedFeb 2022
Whilst the second half of FY20 was fraught with COVID-19 disruptions that notably weakened the group’s financial performance, Netcare has sho...
South Africa
UploadedFeb 2022
Richefond Circle’s asset portfolio was modelled based on the indicative (31 December 2021) pool provided to GCR, with defaults, recoveries, p...
United Kingdom
UploadedFeb 2022
Asset quality was better than expected, with very low GCR calculated annualized credit losses (0.07%) and reduced GCR calculated non-performing loa...
Ethiopia
UploadedFeb 2022
The financial profile is characterised by very strong capitalisation, strong liquidity, and sound earnings. The reinsurer notably benefits from leg...
Zimbabwe
UploadedFeb 2022
The group’s diversified business model is a comparative credit strength, which could become more positive to the ratings if scale limitations...