Centriq retains A+ rating
GCR has reaffirmed the domestic ZAR currency claims paying ability rating of Centriq Insurance Company Limited (“Centriq”) at A+ (single A plus). The rating reflects the insurer’s strong claims paying ability and above average protection factors.
Guardrisk Life’s strong rating reaffirmed
GCR has maintained Gaurdrisk Life Limited’s (“Gaurdrisk Life”) domestic ZAR currency financial strength rating at AA- (double AA minus).
Ghana Re’s ratings maintained
GCR has reaffirmed the domestic GHCedi currency and international US$ currency claims paying ability ratings of Ghana Reinsurance Company Limited (“Ghana Re”) at AA+ (double A plus) and BB+ (double B plus) respectively.
Triton downgraded to DD
This rating downgrade follows on from our subscriber notice during the last quarter of 2008 advising of the downgrade in the domestic KShs currency long term credit rating of Triton Petroleum Company (“Triton”) to BB (double B). Reasons for the accordance of a sub-investment grade rating revolved around concerns with regards to Triton’s failure to deliver fuel supplies, compounded by concerns with regards to rising borrowings and the liquidity pressure associated with the short term nature of all borrowings.
Sasini’s ratings maintained
GCR has maintained Sasini Limited’s (“Sasini”) domestic KShs currency ratings of BBB+ (triple B plus) and A2 (single A two) for the long and short term respectively. These ratings embody Sasini’s entrenched position in the Kenyan agricultural industry, supported by its experienced management and clearly enunciated growth strategies.
Eveready East Africa Limited downgraded
GCR has downgraded Eveready East Africa Limited’s (“EEAL”) domestic KShs currency ratings to BBB+ (triple B plus) and A2 (single A two) for the long and short term respectively. Moreover, the company has been placed on rating watch and GCR will continue to monitor the business closely going forward.
Strong investment grade ratings accorded to Senegalese water sector utility
GCR has accorded Sociètè Nationale des Eaux du Sènègal (“SONES”) domestic CFA currency ratings of A+ (single A plus) for the long term and A1 (single A one) for the short term. This denotes the utility’s high credit quality and very high certainty of timely payment.
GCR accords AA rating to the first REIT to be listed in Nigeria
GCR has accorded the Union Homes Real Estate Investment Trust (“REIT”) a domestic Naira currency long term debt rating of AA (double A). A REIT is a pool of investments in real estate, either directly through physical properties or through mortgages.
Investec Bank Limited retains domestic ratings
GCR has reaffirmed Investec Bank Limited’s (“IBL”) domestic ZAR currency long term credit rating at AA- (double A minus) and its short term credit rating at A1+ (single A one plus).
Rating reaffirmed for National Housing Finance Corporation Limited
GCR has reaffirmed National Housing Finance Corporation Limited’s (“NHFC”) domestic ZAR currency long term rating of AA- (double A minus) and short term rating of A1+ (single A one plus).
