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South Africa
UploadedSep 2021
Fox Street 6 (RF) Ltd (“Fox Street 6”, “the Issuer” or “the Transaction”) is a Residential Mortgage-Backed Secu...
Kenya
UploadedSep 2021
Kisumu’s OSR growth has been erratic over the last 5 years with collections consistently falling below target (FY18/19: 61.0%, FY17/18: 76.2%...
Kenya
UploadedSep 2021
Makueni County, with an estimated population of just over 1 million, is predominantly rural, and highly reliant on subsistence agriculture. Key soc...
Kenya
UploadedSep 2021
Bungoma’s OSR grew from around KES485m in FY14/15 to KES675m in FY18/19, and further to KES860m in FY19/20 despite the Covid-19 pandemic. Bun...
Nigeria
UploadedSep 2021
Operational uniqueness offers some monopolistic privileges to InfraCredit, with no direct competitor in the country presently. However, the company...
Zimbabwe
UploadedSep 2021
The bank has a sound competitive position in comparison to rated peers reflected by 1) dominance in trade finance/ structured finance, 2) increasin...
Ghana
UploadedSep 2021
The competitive positioning of the bank is a relative strength to the rating, benefiting from its well-established franchise and leading domestic p...
Zimbabwe
UploadedSep 2021
Stanbic Zimbabwe is one of the leading banks in Zimbabwe with a high market share across loans and deposits and has a strong franchise within the l...
South Africa
UploadedSep 2021
Liquidity coverage remains adequate, underpinned by available facilities of R340m, minimal short term debt maturities and limited capex plans. As a...
South Africa
UploadedSep 2021
Accelerate is proceeding with its intention to sell its European assets, which is expected to provide support to the funding profile. Following the...
Zimbabwe
UploadedSep 2021
The bank has a relatively sound competitive position supported by consistent market shares in both customer deposits and advances. Franchise streng...
Nigeria
UploadedSep 2021
The ratings are supported by NB’s strong competitive position, large distribution network, extensive customer base and well diversified produ...
South Africa
UploadedSep 2021
Cash preservation measures undertaken have supported Octodec’s liquidity profile. These include the FY20 partial dividend retention and limit...
South Africa
UploadedSep 2021
SASP 1 is the first of three series of the R5bn multi-seller segregated asset-backed notes programme of rental and equipment lease financed assets...
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...
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...
Kenya
UploadedSep 2021
East Africa Reinsurance Company Limited’s (“EA Re”) ratings balance a very strong and stable financial profile, moderate exposure...
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...
Ghana
UploadedAug 2021
Earnings capacity is moderately strong, buoyed by the reinsurer’s competitive operating model, with the aforementioned capital raise expected...
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...
Nigeria
UploadedAug 2021
Fidson is a leading Nigerian pharmaceutical manufacturer, incorporated in 1995. The Series 1 Bonds shall constitute senior, direct, irrevocable, an...
Nigeria
UploadedAug 2021
Coleman’s competitive advantages include its established operational track record and strong relationships with key vendors. On the back of o...
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...
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...
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...
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...
South Africa
UploadedAug 2021
CoJ’s operating performance has remained fairly stable despite some of the persistent underlying weaknesses, such as service delivery backlog...
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...
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...
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....
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...
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...
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
UploadedAug 2021
Uganda Re’s competitive position is neutral. This reflects the balance between the reinsurer’s preferred reinsurer status through 15% m...
South Africa
UploadedAug 2021
Sizwe’s national scale financial strength rating balances the scheme’s moderately strong financial profile and modest membership profil...
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...
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...
Zambia
UploadedAug 2021
The business profile remains strong supported by the insurer’s improving competitive position through constant growth in market share. PICZ i...
Nigeria
UploadedAug 2021
MTN Nigeria’s competitive position is underpinned by its well-established brand, broad spectrum of licences, substantial infrastructural and...
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...