Publication Listing

GCR accord ratings on an international rating scale and a diverse number of national rating scales. These include credit ratings such as Long and Short-Term issuer and issue Ratings, Financial Strength Ratings and Structured Finance ratings. They also include ‘non-credit’ ratings such as servicer quality ratings, asset manager management quality ratings and funds ratings.

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Credit Outlook on South African Medical Schemes Amidst The COVID-19 Pandemic

South Africa

UploadedMar 2020

Despite potential earnings strain, GCR expects most rated schemes to remain resilient, given sufficient reserve buffers, although schemes with lowe...

iMpumelelo CP Note Programme 1 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedMar 2020

The Dashboard was updated in March 2020 and is part of GCR’s monitoring process and does not constitute rating action or rating reports. GCR...

South African Securitisation Programme (RF) Limited - Series 1 (Monitoring Dashboard)

South Africa

UploadedMar 2020

The net default trigger was retrospectively recalculated in December 2019 due to two reasons:

1. The calculation of the denominator the &ldqu...

Corporate Performance Infected by COVID-19

South Africa

UploadedMar 2020

GCR expects the shut down due to the COVID-19 to have a broad negative impact across the economy, albeit that the severity will differ from sector...

Structured Finance Trends: 2019 Review and 2020 Outlook

South Africa

UploadedMar 2020

2020 is shaping up to be an even more challenging year than 2019 and, of course, the exact local and global impact of the COVID-19 pandemic is curr...

South African Financial Institutions Special Report

South Africa

UploadedMar 2020

2020 is shaping up to be an even more challenging year than 2019 and, of course, the exact local and global impact of the COVID-19 pandemic is curr...

Soft equity prices signal weakening REIT financial profiles

South Africa

UploadedMar 2020

GCR expects the financial profiles of South African REITs to weaken, as the range of funding options available to them increasingly narrows. Base p...

Netcare Limited

South Africa

UploadedMar 2020

The ratings on Netcare Limited reflect the group’s modest leverage profile, alongside its strong domestic market position and stable earnings...

South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)

South Africa

UploadedMar 2020

From July 2019, the covenant relating to the minimum Equipment Leases which include maintenance obligations in terms of Maintenance Agreement on th...

County Government of Makueni

Kenya

UploadedMar 2020

The ratings reflect the County Government of Makueni’s stable financial profile underpinned by the consistent transfers from National Governm...

County Government of Kisumu

Kenya

UploadedMar 2020

The ratings on the County Government of Kisumu reflect the deterioration in operating performance and weak audit outcomes. This is counterbalanced...

County Government of Bungoma

Kenya

UploadedMar 2020

The ratings on the County Government of Bungoma (“Bungoma County”) reflects its strong financial profile and ongoing government support...

The Heritage Insurance Company Tanzania Limited

Tanzania

UploadedMar 2020

The Heritage Insurance Company Tanzania’s national scale financial strength rating reflects a strong financial profile, which is complemented...

Rating Securitisation Transactions Involving Intermediate SPVs

South Africa

UploadedMar 2020

This report explains GCR’s approach to the risks related to each of these SPVs to rate the debt issued by the Issuing SPV. Please note that t...

Vineyard Road Investments (RF) Ltd Vineyard Series Transaction 1

South Africa

UploadedMar 2020

GCR Ratings affirmed the short-term programme rating assigned to the Class A Notes issued by Vineyard Road Investments (RF) Ltd under the Vineyard...

Industry Research: Real Estate Investment Trusts

South Africa

UploadedMar 2020

The rating of CC(ZA) accorded to Rebosis Property Fund is not derived from the ACE but is rather a factor of expected default scenario.The graphs p...

TUHF Urban Finance (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedMar 2020

The excess spread including a provision for NPLs which is a trigger to end the Revolving period is close to zero (which is the minimum) at December...

Compass Securitisation (RF) Limited (Monitoring Dashboard)

South Africa

UploadedFeb 2020

The Dashboard covers the period from January 2019 to January 2020 and is part of GCR’s performance monitoring process and does not constitute...

iMpumelelo CP Note Programme 1 (RF) Ltd Series 1 Notes

South Africa

UploadedFeb 2020

On 21 February 2020, GCR Ratings (“GCR”) affirmed the public short-term issue Programme credit rating to the Senior Secured ABCP Series...

Global Alliance Seguros S.A

Mozambique

UploadedFeb 2020

The national scale financial strength rating of Global Alliance Seguros, S.A. reflects its access to operational and technical support from the par...

iVuzi Investments (RF) Limited

South Africa

UploadedFeb 2020

GCR Ratings affirmed the national scale short-term credit ratings of ‘A1+(ZA)(sf)’ assigned to the Asset Backed Commercial Paper  ...

MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedFeb 2020

From October 2019, the Liquidity Reserve now excludes the excess cash in the transaction, previously reported as "Accrual for Tax and Vat"...

South African Securitisation Programme (RF) Limited – Series 2 (Monitoring Dashboard)

South Africa

UploadedFeb 2020

The net default trigger was retrospectively recalculated in December 2019 due to two reasons.

  1. The calculation of the...

Industry Research: Manufacturing Sector

UploadedFeb 2020

Manufacturing production figures released by Stats SA paint a bleak picture for the local industry. Since June 2019, there has been a sustained con...

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

South Africa

UploadedFeb 2020

The Dashboard covers the period from June 2018 to December 2019 and is part of GCR’s performance monitoring process and does not constitute r...

Hosmed Medical Scheme

South Africa

UploadedJan 2020

Hosmed's national scale financial strength rating reflects the scheme’s adequate solvency and strong liquidity. Offsetting these is the l...

AB Finco 1 (RF) Limited

South Africa

UploadedJan 2020

 GCR Ratings assigned public long-term issue credit ratings to AB Finco 1 (RF) Limited (“AB Finco 1” or the “Issuer”)...

Chubb Insurance South Africa Limited

South Africa

UploadedJan 2020

Chubb SA rating is underpinned by a strong financial profile which reflects a high level of capital and liquidity strength and sound earnings. The...

iVuzi Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJan 2020

The Dashboard covers the period from December 2018 to December 2019 and is part of GCR’s performance monitoring process and does not constitu...

Fedhealth Medical Scheme

South Africa

UploadedJan 2020

Fedhealth Medical Scheme’s (“Fedhealth”) rating is underpinned by a strong financial profile (a function of strong solvency, soun...

iNkotha Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJan 2020

The Dashboard covers the period from December 2018 to December 2019 and is part of GCR’s performance monitoring process and does not constitu...

Compass Securitisation (RF) Limited (Monitoring Dashboard)

South Africa

UploadedJan 2020

The Dashboard covers the period from December 2018 to December 2019 and is part of GCR’s performance monitoring process and does not constitu...

Fox Street 3 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJan 2020

The Dashboard covers the period from November 2017 to November 2019 and is part of GCR’s performance monitoring process and does not constitu...

Global Equity Investments Ltd (Monitoring Dashboard)

South Africa

UploadedJan 2020

The Dashboard was updated in January 2020 and is part of GCR’s monitoring process and does not constitute rating action. GCR will update the...

GCR Risk Score Snapshot as of Dec 31st 2019

South Africa

UploadedJan 2020

If you are interested in the underlying scores, ratings or a more detailed score breakdown for any of the issuers mentioned, or the methodologies t...

Compass Securitisation (RF) Limited (Monitoring Dashboard)

South Africa

UploadedJan 2020

The Dashboard covers the period from November 2018 to November 2019 and is part of GCR’s performance monitoring process and does not constitu...

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJan 2020

The Dashboard covers the period from November 2018 to November 2019 and is part of GCR’s performance monitoring process and does not constitu...

Commissioner Street No. 10 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedDec 2019

The Dashboard was updated in December 2019 and is part of GCR’s monitoring process and does not constitute rating action or rating reports. G...

South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)

South Africa

UploadedDec 2019

The Dashboard covers the period from October 2018 to October 2019 and is part of GCR’s performance monitoring process and does not constitute...

Centriq Insurance Company (RF) Limited

South Africa

UploadedDec 2019

Centriq Insurance Company Limited's (“Centriq”) national scale financial strength rating reflects a high level of stability within...

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