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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...
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...
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...
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...
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 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...
Nigeria
UploadedMay 2021
Nova MB, which operates predominantly within the Nigerian merchant banking subsector, continues to drive evolution of its market position through t...
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,...
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...
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...
Kenya
UploadedMay 2021
The operating environment score balances the reinsurer’s exposure to certain higher risk markets and a level of shareholder concentration, wi...
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...
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...
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...
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...
Zimbabwe
UploadedMay 2021
Zimnat Life Assurance Company Limited’s rating is anchored by a strong financial profile, supported by sound risk adjusted capitalisation, co...
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
UploadedApr 2021
Earnings capacity is expected to persist within an intermediate range, albeit under pressure, reflecting underwriting profit dilution from less pro...
South Africa
UploadedApr 2021
Momentum Medical Scheme’s national scale financial strength rating reflects a strong membership profile and intermediate financial profile, u...
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...
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...
South Africa
UploadedApr 2021
The ratings on Buffalo City Metropolitan Municipality’s (“BCMM’, “the City” or “the Metro”) balance its c...
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...
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...
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...
South Africa
UploadedMar 2021
MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) that issue...
South Africa
UploadedMar 2021
The Negative Outlook on Netcare Limited’s (“Netcare” or “the group”) ratings reflect the significant adverse impact t...
Mauritius
UploadedMar 2021
Home Finance Guarantors Africa (Reinsurance) Limited’s (“HFGA Re”) rating balances very strong capitalisation and liquidity with...
South Africa
UploadedMar 2021
The national scale financial strength rating for Renasa Insurance Company Limited (“Renasa”) is anchored by strong liquidity, balancing...
South Africa
UploadedMar 2021
New National Assurance Company Limited’s (“NNAC”) national scale financial strength was affirmed with a Stable Outlook, reflectin...
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...
Kenya
UploadedFeb 2021
The ratings on Laikipia balance low levels of leverage, increasing own sources of revenue (“OSR”) generation and ongoing government sup...
South Africa
UploadedFeb 2021
The ratings for Santam (comprising Santam Limited and its subsidiaries) have been maintained on Negative Outlook reflecting continued risks emanati...
Uganda
UploadedFeb 2021
The rating affirmation reflects the insurer’s very strong financial profile, characterised by very strong risk adjusted capitalisation and li...
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...
South Africa
UploadedFeb 2021
Bankmed’s national scale financial strength rating reflects the scheme’s very strong solvency and strong liquidity, albeit restrained b...
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...
South Africa
UploadedJan 2021
Chubb Insurance South Africa Limited’s (“Chubb SA”) national scale financial strength rating was affirmed with a Stable Outlook,...
Nigeria
UploadedDec 2020
THP has consistently demonstrated stronger earnings relative to available comparable peers, albeit, with some variability through the cycle. While...
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...