Credit Rating Reports

Publication Type
15
69
132
2199
14
Choose Country
Sectors

Fox Street 6 (RF) Limited (2021-09)

South Africa

UploadedSep 2021

Fox Street 6 (RF) Ltd (“Fox Street 6”, “the Issuer” or “the Transaction”) is a Residential Mortgage-Backed Secu...

County Government of Kisumu (2021-09)

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%...

County Government of Makueni (2021-09)

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...

County Government of Bungoma (2021-09)

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...

Infrastructure Credit Guarantee Company Limited (2021-09)

Nigeria

UploadedSep 2021

Operational uniqueness offers some monopolistic privileges to InfraCredit, with no direct competitor in the country presently. However, the company...

Ecobank Zimbabwe Limited (2021-09)

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...

Ecobank Ghana Limited (2021-09)

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...

Stanbic Bank Zimbabwe Limited (2021-09)

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...

Dipula Income Fund Limited (2021-09)

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...

Accelerate Property Fund Limited Rated (2021-09)

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...

First Capital Bank Zimbabwe Limited (2021-09)

Zimbabwe

UploadedSep 2021

The bank has a relatively sound competitive position supported by consistent market shares in both customer deposits and advances. Franchise streng...

Nigerian Breweries Plc (2021-04)

Nigeria

UploadedSep 2021

The ratings are supported by NB’s strong competitive position, large distribution network, extensive customer base and well diversified produ...

Octodec Investments Limited (2021-09)

South Africa

UploadedSep 2021

Cash preservation measures undertaken have supported Octodec’s liquidity profile. These include the FY20 partial dividend retention and limit...

South African Securitisation Programme (RF) Limited Series 1 (2021-09)

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...

Fox Street 3 (RF) Limited (2021-09)

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...

Forte Insurance (Cambodia) Plc

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...

East Africa Reinsurance Company Limited (2021-09)

Kenya

UploadedSep 2021

East Africa Reinsurance Company Limited’s (“EA Re”) ratings balance a very strong and stable financial profile, moderate exposure...

Omnia Holdings Limited Rated (2021-09)

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...

Mainstream Reinsurance Company Limited (2021-08)

Ghana

UploadedAug 2021

Earnings capacity is moderately strong, buoyed by the reinsurer’s competitive operating model, with the aforementioned capital raise expected...

Enterprise Insurance Company Limited (2021-08)

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...

Fidson Healthcare Plc’s Series 1 Senior Unsecured Bond ( 2021-07)

Nigeria

UploadedAug 2021

Fidson is a leading Nigerian pharmaceutical manufacturer, incorporated in 1995. The Series 1 Bonds shall constitute senior, direct, irrevocable, an...

Coleman Technical Industries Limited (2021-06)

Nigeria

UploadedAug 2021

Coleman’s competitive advantages include its established operational track record and strong relationships with key vendors. On the back of o...

Fidson Healthcare Plc (2021-07)

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...

Daraju Industries Limited (2021-08)

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...

Central Africa Building Society (2021-08)

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...

Urban Ubomi 1 (RF) Ltd (2021-08)

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...

City of Johannesburg Metropolitan Municipality (2021-08)

South Africa

UploadedAug 2021

CoJ’s operating performance has remained fairly stable despite some of the persistent underlying weaknesses, such as service delivery backlog...

Sundry Foods Funding SPV Plc’s Series 1 Senior Unsecured Bond (2021-08)

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...

Vukile Property Fund Limited (2021-08)

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...

Old Mutual Insurance Company (Private) Limited (2021-08)

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....

Coronation Merchant Bank Limited(2021-08)

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...

ICEA LION General Insurance Company Limited (2021-08)

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...

Investec Bank Limited (2021-08)

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 Reinsurance Company Limited (2021-08)

Uganda

UploadedAug 2021

Uganda Re’s competitive position is neutral. This reflects the balance between the reinsurer’s preferred reinsurer status through 15% m...

Sizwe Medical Fund

South Africa

UploadedAug 2021

Sizwe’s national scale financial strength rating balances the scheme’s moderately strong financial profile and modest membership profil...

Sundry Foods Limited (2021-08)

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...

Global Alliance Seguros S.A.

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...

Professional Insurance Corporation Zambia PLC (2021-08)

Zambia

UploadedAug 2021

The business profile remains strong supported by the insurer’s improving competitive position through constant growth in market share. PICZ i...

MTN Nigeria Communications Plc (2021-07)

Nigeria

UploadedAug 2021

MTN Nigeria’s competitive position is underpinned by its well-established brand, broad spectrum of licences, substantial infrastructural and...

Dangote Cement Plc (2021-07)

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...

Available Purchase Options: