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South Africa
UploadedNov 2021
IPF’s portfolio was written down by an aggregate R899m during the year and together with the disposal of certain properties, this saw the val...
South Africa
UploadedNov 2021
MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) that has i...
Rwanda
UploadedNov 2021
I&M (Rwanda)’s competitive position is supported by its sound market position as a top tier bank that operates in a somewhat overbanked a...
Kenya
UploadedNov 2021
The financial profile is supportive of KMRC’s credit profile. Capitalisation is very strong, with a GCR leverage ratio of 14.7% at FY21. Even...
Kenya
UploadedNov 2021
OIC Kenya’s liquidity profile remained within an intermediate range, supported by conservative asset allocation and enhanced premium collecti...
South Africa
UploadedNov 2021
Earnings evidenced some degree of resilience in the face of COVID-19 related challenges, underpinned by a favourable claims trend and more recently...
South Africa
UploadedNov 2021
Lewis reported growth in revenues of 4.2% in FY21, despite losing R360m in sales and R250m in collections due to COVID-19 related disruptions in th...
Namibia
UploadedOct 2021
Capricorn Group Limited is a large, diversified financial services company, with core operations in banking (Bank Windhoek and Bank Gaborone (not r...
Namibia
UploadedOct 2021
The company profile strains the ratings given the relatively small size and monoline nature of operations compared to domestic commercial banks, pa...
Zimbabwe
UploadedOct 2021
Liquidity is considered a key rating strength, with stressed investment assets coverage of claims equating to 12 months at FY20, while operational...
Zimbabwe
UploadedOct 2021
The bank has a modest competitive position in comparison to rated peers reflected by average market shares and business line diversification. Gener...
South Africa
UploadedOct 2021
Fox Street 3 is a RMBS securitisation of home loans originated by Investec to its private banking clients that issued R950m of secured Notes on 13...
Tanzania
UploadedOct 2021
Building on prior year strong premium growth, the underwriter’s review year gross premium base advanced considerably by 50% to close the year...
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
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....
Zimbabwe
UploadedOct 2021
The group’s financial profile has remained strong, supported by strong capitalisation and sound earnings generation. Risk adjusted capitalisa...
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...
Nigeria
UploadedOct 2021
Ardova has registered a N60bn Bond Issuance Programme (“BIP” or “the Programme”) with the Securities and Exchange Commissio...
South Africa
UploadedOct 2021
The Transaction is an asset-backed securitisation of agricultural loans that are advanced to commercial farmers in South Africa. The agricultural l...
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...
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...
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...
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...
Uganda
UploadedOct 2021
The operating environment factors in concentration of developmental exposures to a relatively stronger grouping of East African countries, a less d...
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...
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...
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...
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...
Kenya
UploadedSep 2021
Mayfair exhibits high levels of risk adjusted capitalisation. The entity sustained these levels of capital adequacy over the review period, driven...
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...
Nigeria
UploadedSep 2021
Sterling’s competitive position is supported by its strong track record, having maintained positive earnings trajectory over the review perio...
Kenya
UploadedSep 2021
Risk adjusted capitalisation represents a key rating strength. The entity exhibited improvements in capital adequacy over the review period driven...
Kenya
UploadedSep 2021
Over the past five years, the underwriter’s capacity to generate internal capital has been sluggish, considering weak earnings performance de...
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...
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...
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...
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 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...
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...
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...