Credit Rating Reports

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TUHF Urban Finance (RF) Ltd (2022-05)

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...

MW Asset Rentals (RF) Limited (2022-05)

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...

County Government of Laikipia (2022-05)

Kenya

UploadedMay 2022

Laikipia’s credit profile has been bolstered by an improvement in operating performance. Both total income and own source revenue (“OSR...

Jubilee Life Insurance Limited (2022-05)

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% (...

The Hollard Insurance Company Limited (2022-05)

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...

Buffalo City Metropolitan Municipality (2022-04)

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...

West Coast District Municipality (2022-04)

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...

Genric Insurance Company Limited (2022-04)

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...

City of Tshwane Metropolitan Municipality (2022-04)

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...

National Housing Finance Corporation SOC Limited (2022-04)

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...

Mixta Real Estate Plc (2022-04)

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...

Presco Plc (2022-04)

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...

Custodian Life Assurance Limited (2022-04)

Nigeria

UploadedApr 2022

The upward revision of Custodian Life’s national scale financial strength rating reflects the group’s strong financial profile, complem...

iVuzi Investments (RF) Limited (2022-04)

South Africa

UploadedApr 2022

iVuzi can acquire Financial Assets, Rated Securities and Participating Eligible Investments up to its R15bn limit, subject to Eligibility Criteria...

Klapton Reinsurance Limited (2022-04)

Zambia

UploadedApr 2022

Premium diversification takes into consideration expectations of three existing hubs reallocating more than 80% of the a reinsurer’s existing...

FSDH Merchant Bank Limited (2022-04)

Nigeria

UploadedApr 2022

Capitalisation is a significant rating positive, reflecting the bank’s strong capital position, largely comprising of tier 1 capital. Notwith...

Eat ā€˜Nā€™ Go Limited (2022-04)

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...

Bryte Insurance Company Limited (2022-03)

South Africa

UploadedMar 2022

Weak earnings caused risk adjusted capitalisation to reduce in line with expectations, with Solvency Capital Requirement (“SCR”) covera...

Profmed (2022-03)

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...

Zep-Re (PTA Reinsurance Company) (2022-02)

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...

Credit Insurance Zimbabwe Limited (2022-03)

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...

Emeritus Reinsurance Company Limited (2022-03)

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...

iMpumelelo CP Note Programme 1 (RF) Ltd Series 1 Notes

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...

Telesure Investment Holdings (Pty) Limited (2022-03)

South Africa

UploadedMar 2022

Liquidity remains very strong, positively influencing the ratings despite the observance of a significant increase in net technical provisions, sur...

Hospitality Property Fund Limited (2022-03)

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...

Richefond Circle (RF) Limited (2022-03)

South Africa

UploadedMar 2022

Richefond Circle has issued Notes under its newly established R7bn Commercial Property Loan Mortgage-Backed Securitisation Programme.Using the proc...

First Assurance Company Limited (2022-03)

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...

GA Insurance Limited (2022-03)

Kenya

UploadedMar 2022

The improvement in the group’s competitiveness reflects GA Kenya’s increased market share in the local market, offsetting relatively we...

CIC General Insurance Limited (2022-03)

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 Reinsurance Corporation Limited (2022-03)

Kenya

UploadedMar 2022

Risk adjusted capitalisation represents a key rating strength, reflected by a strong capital base built on consistent internal capital generation a...

APA Insurance Limited (2022-03)

Kenya

UploadedMar 2022

Risk adjusted capitalisation remains a key strength, underpinned by consistent internal capital generation over the review period and conservative...

Cell Insurance Company Limited (2022-02)

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...

Emeritus Reinsurance Zambia Limited (2022-02)

Zambia

UploadedFeb 2022

Following elevated credit impairments in FY19, the reinsurer curtailed growth in receivables resulting in a moderated earnings impact. This caused...

Reliance Insurance (Tanzania) Limited (2022-02)

Tanzania

UploadedFeb 2022

Risk adjusted capitalisation remained within strong levels, despite moderations experienced in FY20. On account of net losses incurred and dividend...

Urban Ubomi 1 (RF) Ltd (2022-02)

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...

Netcare Limited (2022-02)

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...

Richefond Circle (RF) Limited (2022-02)

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...

Investec Bank plc (2022-02)

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...

Ethiopian Reinsurance Share Company (2022-02)

Ethiopia

UploadedFeb 2022

The financial profile is characterised by very strong capitalisation, strong liquidity, and sound earnings. The reinsurer notably benefits from leg...

Emeritus Reinsurance (Private) Limited (2022-02)

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...

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