Credit Rating Reports

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Investec Property Fund Limited (2021-11)

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...

MW Asset Rentals (RF) Limited (2021-11)

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...

I&M Bank (Rwanda) PLC (2021-10)

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 Mortgage Refinancing Company Plc (2021-10)

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...

Occidental Insurance Company Limited (2021-11)

Kenya

UploadedNov 2021

OIC Kenya’s liquidity profile remained within an intermediate range, supported by conservative asset allocation and enhanced premium collecti...

New National Assurance Company Limited (2021-10)

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...

Lewis Group Limited (2021-11)

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...

Bank Windhoek Limited and Capricorn Group Limited (2021-10)

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...

Letshego Ghana Savings and Loans PLC (2021-10)

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...

Cellmed Health Medical Fund (2021-10)

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...

Nedbank Zimbabwe Limited (2021-10)

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...

Fox Street 3 (RF) Limited (2021-10)

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...

ICEA LION General Insurance Company (Tanzania) Limited (2021-10)

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...

Centriq Insurance Company Limited (2021-10)

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 Reinsurance Plc (2021-10)

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....

NICOZDiamond Insurance Limited (2021-10)

Zimbabwe

UploadedOct 2021

The group’s financial profile has remained strong, supported by strong capitalisation and sound earnings generation. Risk adjusted capitalisa...

Ardova Plc (2021-10)

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...

Ardova Plc's Series 1 (Tranches A & B) Senior Unsecured Bond (2021-10)

Nigeria

UploadedOct 2021

Ardova has registered a N60bn Bond Issuance Programme (“BIP” or “the Programme”) with the Securities and Exchange Commissio...

Capital Harvest Finance (RF) Limited (2021-10)

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...

Bank of Kigali Plc (2021-10)

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...

Victoria Commercial Bank Limited (2021)

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...

Greenwich Merchant Bank Limited (2021-09)

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...

Equites Property Fund Limited (2021-10)

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...

East African Development Bank (2021-09)

Uganda

UploadedOct 2021

The operating environment factors in concentration of developmental exposures to a relatively stronger grouping of East African countries, a less d...

AB Finco 2 (RF) Limited, Transaction 1, Series 2 (2021-09)

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...

Chubb Insurance South Africa Limited (2021-09)

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...

Safari Investments RSA Limited (2021-09)

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...

TUHF Limited (2021-09)

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...

Mayfair Insurance Company Limited (2021-09)

Kenya

UploadedSep 2021

Mayfair exhibits high levels of risk adjusted capitalisation. The entity sustained these levels of capital adequacy over the review period, driven...

Bankmed (2021-09)

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...

Sterling Bank Plc (2021-09)

Nigeria

UploadedSep 2021

Sterling’s competitive position is supported by its strong track record, having maintained positive earnings trajectory over the review perio...

AIG Kenya Insurance Company Limited (2021-09)

Kenya

UploadedSep 2021

Risk adjusted capitalisation represents a key rating strength. The entity exhibited improvements in capital adequacy over the review period driven...

CIC Life Assurance Limited (2021-09)

Kenya

UploadedSep 2021

Over the past five years, the underwriter’s capacity to generate internal capital has been sluggish, considering weak earnings performance de...

ICEA LION Life Assurance Company Limited (2021-09)

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...

ENL Consortium Limited (2021-05)

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...

CapitalSage Limited (2021-07)

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...

Curro Holdings Limited (2021-09)

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 African Securitisation Programme (RF) Limited Series 3 (2021-09)

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...

AB Finco 2 (RF) Limited -Transaction 3-Series 2 (2021-09)

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...

Credit Guarantee Insurance Corporation of Africa Limited (2021-09)

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...

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