Credit Rating Reports

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Fox Street 3 (RF) Limited (2021-09)

South Africa

UploadedSep 2021

GCR modelled the Transaction’s cash flows according to its proposed capital structure and priorities of payments, applying its Criteria for R...

Forte Insurance (Cambodia) Plc

Cambodia

UploadedSep 2021

The group’s competitive position is assessed at very strong levels, reflecting the long-standing market leading position of Forte Insurance i...

East Africa Reinsurance Company Limited (2021-09)

Kenya

UploadedSep 2021

East Africa Reinsurance Company Limited’s (“EA Re”) ratings balance a very strong and stable financial profile, moderate exposure...

Omnia Holdings Limited Rated (2021-09)

South Africa

UploadedSep 2021

Omnia’s balance sheet has significantly strengthened. The group used R2.2bn in proceeds from the recent sale of Oro Agri combined with strong...

Mainstream Reinsurance Company Limited (2021-08)

Ghana

UploadedAug 2021

Earnings capacity is moderately strong, buoyed by the reinsurer’s competitive operating model, with the aforementioned capital raise expected...

Enterprise Insurance Company Limited (2021-08)

Ghana

UploadedAug 2021

Over the past two years, EIC’s underwriting performance strengthened on the back of an improvement in claims experience and operational cost...

Fidson Healthcare Plc’s Series 1 Senior Unsecured Bond ( 2021-07)

Nigeria

UploadedAug 2021

Fidson is a leading Nigerian pharmaceutical manufacturer, incorporated in 1995. The Series 1 Bonds shall constitute senior, direct, irrevocable, an...

Coleman Technical Industries Limited (2021-06)

Nigeria

UploadedAug 2021

Coleman’s competitive advantages include its established operational track record and strong relationships with key vendors. On the back of o...

Fidson Healthcare Plc (2021-07)

Nigeria

UploadedAug 2021

Earnings constitute a key ratings strength, with strong revenue growth over the review period (FY20: 30%). Having reported a further 38% increase i...

Daraju Industries Limited (2021-08)

Nigeria

UploadedAug 2021

Daraju has sustained a strong earnings progression, with 16.6% CAGR reported over the 5-year period to December 2020, underpinned by higher traded...

Central Africa Building Society (2021-08)

Zimbabwe

UploadedAug 2021

The business profile is ratings positive. The Society has a strong brand as the largest and oldest building society in Zimbabwe. The market share o...

Urban Ubomi 1 (RF) Ltd (2021-08)

South Africa

UploadedAug 2021

GCR reviewed the Transaction’s first investor report that relates to the period between issuance (23 March 2021) and the Transaction’s...

City of Johannesburg Metropolitan Municipality (2021-08)

South Africa

UploadedAug 2021

CoJ’s operating performance has remained fairly stable despite some of the persistent underlying weaknesses, such as service delivery backlog...

Sundry Foods Funding SPV Plc’s Series 1 Senior Unsecured Bond (2021-08)

Nigeria

UploadedAug 2021

The Sponsor, Sundry Foods, is one of the leading food service companies in the Nigerian Quick Service Restaurants industry. GCR accorded a long ter...

Vukile Property Fund Limited (2021-08)

South Africa

UploadedAug 2021

Vukile’s high-quality R33bn property portfolio mostly consists of a mix of non-metropolitan, convenience-based shopping centres and retail pa...

Old Mutual Insurance Company (Private) Limited (2021-08)

Zimbabwe

UploadedAug 2021

OMICO’s capital increased by 6% to USD10.0m at FY20 (FY19: USD9.4m), with capital growth attributable to healthy internal capital generation....

Coronation Merchant Bank Limited(2021-08)

Nigeria

UploadedAug 2021

Coronation MB is a strong player within the Nigerian merchant banking subsector based on its product/service delivery, loan portfolio and deposit m...

ICEA LION General Insurance Company Limited (2021-08)

Kenya

UploadedAug 2021

ICEA LION General is the core entity within this combined establishment, contributing 91% and 93% to the sub-group’s gross premiums and total...

Investec Bank Limited (2021-08)

South Africa

UploadedAug 2021

IBL is controlled by Investec Limited, a holding company that houses the Southern African operations of the broader Investec group. Investec Limite...

Uganda Reinsurance Company Limited (2021-08)

Uganda

UploadedAug 2021

Uganda Re’s competitive position is neutral. This reflects the balance between the reinsurer’s preferred reinsurer status through 15% m...

Sizwe Medical Fund

South Africa

UploadedAug 2021

Sizwe’s national scale financial strength rating balances the scheme’s moderately strong financial profile and modest membership profil...

Sundry Foods Limited (2021-08)

Nigeria

UploadedAug 2021

Sundry Foods has reported strong revenue trajectory over the years, with a 5-year CAGR of 26.7% to FY20, underpinned by volumes growth across busin...

Global Alliance Seguros S.A.

Mozambique

UploadedAug 2021

An improvement in risk adjusted capitalisation represents a key risk mitigant, after a capital increase of MZN38m, while further benefitting from n...

Professional Insurance Corporation Zambia PLC (2021-08)

Zambia

UploadedAug 2021

The business profile remains strong supported by the insurer’s improving competitive position through constant growth in market share. PICZ i...

MTN Nigeria Communications Plc (2021-07)

Nigeria

UploadedAug 2021

MTN Nigeria’s competitive position is underpinned by its well-established brand, broad spectrum of licences, substantial infrastructural and...

Dangote Cement Plc (2021-07)

Nigeria

UploadedAug 2021

DCP’s ability to penetrate new markets with large-scale, modern, and energy-efficient factories give it a strong competitive edge in the Afri...

LFZC Funding SPV Plc’s N10bn Series 1 Guaranteed Bonds (2021-08)

Nigeria

UploadedAug 2021

LFZC Funding SPV Plc (“the Issuer”) is a special purpose vehicle sponsored by Lagos Free Zone Company (“the Sponsor” or &ld...

PSG Konsult Limited (2021-08)

South Africa

UploadedAug 2021

The competitive position assessment balances PSG Wealth’s stronger competitive characteristics against much smaller market shares of PSG Asse...

South African Securitisation Programme (RF) Limited Series 3 (2021-08)

South Africa

UploadedAug 2021

The capital structure is anticipated to remain unchanged post the issuance of R276m Class A7 Notes (refinancing maturing R276m Class A2 Notes), R45...

Tropical Reinsurance Company Limited (2021-08)

Zimbabwe

UploadedAug 2021

Tropical Re maintained a healthy competitive profile, underpinned by a resilient captive book from cedants within the Nzou Holdings Ltd group (the...

eThekwini Municipality (2021-07)

South Africa

UploadedJul 2021

eThekwini’s strong financial profile is underpinned by its relatively moderate gearing and high cash holdings. Thus, gross debt has remained...

Shelter Afrique (2021-07)

Kenya

UploadedJul 2021

Shelter Afrique is a relatively small regional Multilateral Development Bank (‘MDB’) established with a mandate to provide affordable h...

AECI Limited (2021-07)

South Africa

UploadedJul 2021

AECI's strong business profile is underpinned by leading positions in commercial mining explosives (where it is one of the five largest global...

Rand Merchant Bank Nigeria Limited (2021-07)

Nigeria

UploadedJul 2021

RMBN’s strong capitalisation is a key rating strength, with capital adequacy ratio (“CAR”) consistently exceeding the regulatory...

Absa Prudential Money Market Fund

South Africa

UploadedJul 2021

The rating of Absa Prudential Money Market Fund reflects the weighted average credit quality (‘WACQ’) of the asset portfolio, low matur...

Sappi Southern Africa Limited

South Africa

UploadedJul 2021

GCR considers Sappi Southern Africa Limited an essential operating entity of Sappi Limited. This reflects Sappi’s 100% ownership of the compa...

Stanbic IBTC Bank PLC

Nigeria

UploadedJul 2021

Stanbic IBTC is adequately capitalised, with capital adequacy ratio (“CAR”) consistently maintained well above the regulatory minimum o...

International Breweries Plc

Nigeria

UploadedJun 2021

Although IBPLC has reported steady growth in revenue since integration, earnings resilience has been weak with persistent operating losses. Margin...

Lagos State Government of Nigeria

Nigeria

UploadedJun 2021

Lagos State’s business profile is supported by its status as the country’s economic and commercial centre, accounting for over 25% of N...

Genric Insurance Company Limited

South Africa

UploadedJun 2021

Earnings capacity improved over the past two years as a result of the introduction of new products and cancellation of non-performing portfolios, r...

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