Credit Rating Reports

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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...

RA International FZCO (UAE)

Kenya

UploadedJun 2021

RA Int’s revenue declined by around 7% in FY20, largely as a result of delays to construction projects. Certain projects were postponed by cl...

King Cetshwayo District Municipality

South Africa

UploadedJun 2021

KCDM’s strong financial profile is considered a key credit strength. With capex largely met through capital grants, debt has been low, with a...

Emira Property Fund Limited

South Africa

UploadedJun 2021

Emira listed on the Johannesburg Stock Exchange in 2003 as a property unit trust, later converting to a real estate investment trust (“REIT&r...

Forty Two Point Two

Mauritius

UploadedJun 2021

Forty Two Point Two is an investment holding company, domiciled in Mauritius for over eight years. It was established as an investment vehicle thro...

South African National Roads Agency SOC Limited

South Africa

UploadedJun 2021

The major rating constraint impacting SANRAL is the high level of debt on its balance sheet, with insufficient operating cash flows due to its inab...

Nova Merchant Bank Limited

Nigeria

UploadedMay 2021

Nova MB, which operates predominantly within the Nigerian merchant banking subsector, continues to drive evolution of its market position through t...

The Hollard Insurance Company Limited

South Africa

UploadedMay 2021

The Hollard Insurance Company Limited (“THIC”) is the group’s core operating entity contributing 57.5% of gross premiums in FY20,...

Compass Insurance Company Limited

South Africa

UploadedMay 2021

Compass Insure’s strong liquidity remained a key rating strength in the face of COVID-19 pandemic pressures. The factor’s assessment is...

iVuzi Investments (RF) Limited

South Africa

UploadedMay 2021

The assigned rating relates to timely payment of interest and principal. The rating excludes an assessment of the ability by the Issuer to pay eith...

Zep Re (PTA Reinsurance Company)

Kenya

UploadedMay 2021

The operating environment score balances the reinsurer’s exposure to certain higher risk markets and a level of shareholder concentration, wi...

Discovery Health Medical Scheme

South Africa

UploadedMay 2021

DHMS registered strengthened earnings following low claims frequency in FY20, which supported a review period peak net healthcare surplus of R7.5bn...

Oryx Properties Limited

Namibia

UploadedMay 2021

Oryx’s property portfolio is underpinned by good quality assets in prime locations in Namibia, with high tenant quality and well laddered lea...

Assurances Reassurances Omnibranches

Madagascar

UploadedMay 2021

Despite experiencing premium growth challenges over the past three years, ARO managed to sustain a very strong competitive position over the corres...

iNkotha Investments (RF) Ltd

South Africa

UploadedMay 2021

The Issuer is a Rand Merchant Bank (“RMB”) managed structured funding vehicle that advances rand denominated overnight call loans to So...

Zimnat Life Assurance Company Limited

Zimbabwe

UploadedMay 2021

Zimnat Life Assurance Company Limited’s rating is anchored by a strong financial profile, supported by sound risk adjusted capitalisation, co...

West Coast District Municipality

South Africa

UploadedMay 2021

WCDM has a fairly small population with socio-economic indicators broadly in line with national averages. Positively, economic activity is diverse...

Uganda Reinsurance Company

Uganda

UploadedApr 2021

Earnings capacity is expected to persist within an intermediate range, albeit under pressure, reflecting underwriting profit dilution from less pro...

Momentum Medical Scheme

South Africa

UploadedApr 2021

Momentum Medical Scheme’s national scale financial strength rating reflects a strong membership profile and intermediate financial profile, u...

TUHF Urban Finance (RF) Ltd

South Africa

UploadedApr 2021

GCR Ratings (“GCR”) affirmed the long-term issue credit rating of the Class A1 Notes and upgraded the long-term issue credit rating of...

Urban Ubomi 1 (RF) Ltd

South Africa

UploadedApr 2021

The credit ratings accorded to the Class A Notes relate to timely payment of interest and ultimate payment of principal by Final Maturity Date. The...

Buffalo City Metropolitan Municipality

South Africa

UploadedApr 2021

The ratings on Buffalo City Metropolitan Municipality’s (“BCMM’, “the City” or “the Metro”) balance its c...

National Housing Finance Corporation SOC Limited

South Africa

UploadedMar 2021

The ratings of NHFC balance very strong capital and liquidity with a weak risk profile characterised by deteriorating asset quality and constrained...

Vineyard Road Investments (RF) Ltd Vineyard Series Transaction 1

South Africa

UploadedMar 2021

VST1 is a Series under the VRI serialised Programme. VRI is the Issuer under the Programme, which allows the issuance of various Series of Notes ba...

Hospitality Property Fund Limited

South Africa

UploadedMar 2021

The review of Hospitality Property Fund’s (“HPF”) issuer ratings follows the buyout of its minority shareholders by Tsogo Sun Hot...

MW Asset Rentals (RF) Limited

South Africa

UploadedMar 2021

MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) that issue...

Netcare Limited

South Africa

UploadedMar 2021

The Negative Outlook on Netcare Limited’s (“Netcare” or “the group”) ratings reflect the significant adverse impact t...

Home Finance Guarantors Africa (Reinsurance) Limited

Mauritius

UploadedMar 2021

Home Finance Guarantors Africa (Reinsurance) Limited’s (“HFGA Re”) rating balances very strong capitalisation and liquidity with...

Renasa Insurance Company Limited

South Africa

UploadedMar 2021

The national scale financial strength rating for Renasa Insurance Company Limited (“Renasa”) is anchored by strong liquidity, balancing...

New National Assurance Company Limited

South Africa

UploadedMar 2021

New National Assurance Company Limited’s (“NNAC”) national scale financial strength was affirmed with a Stable Outlook, reflectin...

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

South Africa

UploadedFeb 2021

The iMpumelelo Programme is a hybrid Serialised Note Programme that is fully supported by Absa Bank Ltd. The rating accorded to the abovementioned...

County Government of Laikipia

Kenya

UploadedFeb 2021

The ratings on Laikipia balance low levels of leverage, increasing own sources of revenue (“OSR”) generation and ongoing government sup...

Santam Limited

South Africa

UploadedFeb 2021

The ratings for Santam (comprising Santam Limited and its subsidiaries) have been maintained on Negative Outlook reflecting continued risks emanati...

Goldstar Insurance Company Limited

Uganda

UploadedFeb 2021

The rating affirmation reflects the insurer’s very strong financial profile, characterised by very strong risk adjusted capitalisation and li...

Grand Reinsurance Company (Private) Limited

Zimbabwe

UploadedFeb 2021

The upgrade of Grand Re’s rating reflects a credit enhancement on the insurer’s stand-alone credit profile from the policyholder guaran...

Bankmed

South Africa

UploadedFeb 2021

Bankmed’s national scale financial strength rating reflects the scheme’s very strong solvency and strong liquidity, albeit restrained b...

Urban Ubomi 1 (RF) Ltd

South Africa

UploadedFeb 2021

GCR Ratings (“GCR”) accorded indicative long-term credit ratings to the various Classes of Notes to be issued by Urban Ubomi 1 (RF) Lim...

Chubb Insurance South Africa Limited

South Africa

UploadedJan 2021

Chubb Insurance South Africa Limited’s (“Chubb SA”) national scale financial strength rating was affirmed with a Stable Outlook,...

Transcorp Hotels Plc (2020-12)

Nigeria

UploadedDec 2020

THP has consistently demonstrated stronger earnings relative to available comparable peers, albeit, with some variability through the cycle. While...

Eunisell Limited (2020-12)

Nigeria

UploadedDec 2020

The Company has sustained an upward trajectory in the top line over the years, reflected in the 22.3% five-year CAGR to FY19, primarily driven by s...

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