Star Assurance awarded initial claims paying ability rating of A
GCR has accorded Star Assurance Company Limited (“Star”) a first time domestic GH¢ currency claims paying ability rating of A (single A).
GCR accords ACTIVA a first time rating of A
GCR has accorded Cameroonian insurance company ACTIVA Assurances Limited (“ACTIVA”) a first time domestic Franc CFA currency claims paying ability rating of A (single A). The rating was the first rating accorded by GCR to a Cameroonian company.
Zurich SA placed on rating watch
GCR has reaffirmed Zurich Insurance Company South Africa Limited’s (“Zurich SA”) domestic ZAR currency claims paying ability rating of AA+ (double A plus). However, the rating was placed on rating watch.
Malawi Re maintains ratings, placed on rating watch
The domestic MK currency claims paying ability rating of Malawi Reinsurance Company Limited (“Malawi Re”) has been maintained at A (single A). In addition, the international US$ currency rating was reaffirmed at B+ (single B plus). The ratings have been placed on rating watch.
Reliance Tanzania rating maintained
GCR has reaffirmed Reliance Insurance Company (Tanzania) Limited’s (“Reliance”) domestic TShs currency claims paying ability rating of A (single A). The rating reflects the company’s established position in the domestic insurance industry, with particular consideration of the insurer’s strong representation in the commercial market.
Afrox downgraded to A+
African Oxygen Limited’s (“Afrox”) domestic ZAR currency ratings were downgraded to A+ (single A plus) and A1 (single A one) for the long and short term respectively. While the ratings embody the group’s sound underlying business, Afrox’s credit protection factors and earnings remained under pressure in the current challenging operating environment.
Barloworld downgraded to A
Barloworld’s domestic ZAR currency ratings were downgraded to A (single A) and A1- (single A one minus) for the long and short term respectively. This is on the back of strained credit protection measures stemming from the tough operating environment experienced across its business segments.
DBK placed on rating watch
GCR has retained Development Bank of Kenya Limited’s (“DBK”) domestic KShs currency ratings of BBB+ (triple B plus) and A2 (single A two) in the long and short term respectively. However, the ratings were placed on rating watch. DBK commenced operations in 1963 as a developement finance institution, tasked with identifying and developing profitable industrial projects in Kenya. In 1997 it was transformed into a fully fledged commercial bank and has since undergone a number of structural changes. It remains one of the smaller banks in Kenya, with one office in Nairobi, and a staff complement of 50 as at 31 December 2008. |
