Ratings accorded to the iNguza listed notes programme
GCR has accorded ratings to notes issued under the R15bn iNguza Note Programme. iNguza (Proprietary) Limited (“iNguza”) is a JSE (incorporating the Bond Exchange of South Africa) listed debt programme that entails the repackaging of various corporate debt instruments into distinct Transactions that are funded by Senior Secured Notes.
GCR reaffirms SIFCA’s A rating
GCR maintained the SIFCA Group’s (“SIFCA”) domestic CFA currency long term and short term rating at A (single A) and A1 (single A one) respectively. The rating reflects SIFCA’s position as a leading agricultural company in West Africa, as well as its strong earnings growth, albeit that it is constrained by the large short term crop financing requirements characteristic of agricultural companies.
SABSA’s guaranteed long term bond rated by GCR
GCR has assigned SABSA Holdings (Pty) Limited’s long term bond a domestic ZAR currency rating of AA- (double A minus). This bond is explicitly guaranteed by SABMiller Plc (“SABMiller”).
Goldstar Insurance upgraded to A+
GCR has upgraded the domestic UShs currency claims paying ability rating of Goldstar Insurance Company Limited (“Goldstar”) to A+ (single A plus) from A (single A) previously. Goldstar has been operating in the Ugandan insurance arena since 1996, and has established itself as one of the leading companies in the domestic market. The insurer is a 90% owned subsidiary of Goldstar International, a company registered offshore, with the remaining 10% held by the company chairman.
Heritage Kenya placed on rating watch
GCR has reaffirmed The Heritage Insurance Company Limited’s (“Heritage Kenya”) domestic KShs currency claims paying ability rating of AA- (double A minus), whilst the rating has been placed on rating watch.
Lion Tanzania placed on rating watch
GCR has reaffirmed Lion of Tanzania Insurance Company Limited’s (“Lion Tanzania”) domestic TShs currency claims paying ability rating of A (single A), whilst the rating remains on rating watch.
CABS placed on rating watch
GCR has retained Central Africa Building Society’s (“CABS”) long term domestic Z$ rating of A+ (single A plus). However, the rating has been placed on rating watch. CABS was established in 1949 and is the largest building Society in Zimbabwe offering mortgage lending, money market investments and retail banking services. The Society is a wholly owned subsidiary of Old Mutual Zimbabwe Limited, the largest assurer in Zimbabwe.
Housing Finance rating retained
GCR has retained Housing Finance Company of Kenya Limited’s (“Housing Finance”) domestic KShs currency ratings of BBB- (triple B minus) and A3 (single A three) in the long and short term respectively. Housing Finance was incorporated on November 08, 1965 under Kenya’s Banking Act. At inception, the Commonwealth Development Corporation (“CDC”) held 60% of the bank’s equity, while the Kenyan government held the remaining 40%. In 1970, ownership was divided equally between the founding partners after government acquired an additional 10%. Initially, Housing Finance’s main objective was to carry out the government’s policy of “promoting home ownership”, which was achieved by providing savings and mortgage facilities to the Kenyan public. Over the years, Housing Finance has grown to become the leading provider of residential housing loans in Kenya.
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