Protech maintains BBB rating
Protech Khuthele Holdings Limited’s (“Protech”) domestic ZAR ratings were affirmed at BBB (triple B) and A3 (single A three) for the long and short term respectively. The ratings are underpinned by a sound underlying business model and adequate credit protection factors. In addition, the group has demonstrated an ability to shift operations into more profitable segments of the construction industry, thereby mitigating the impact of the adverse operating environment on margins.
GCR accords Pan Africa a first time rating of A+
GCR has accorded Pan Africa Life Assurance Limited (“Pan Africa”) a local KShs currency financial strength rating of A+ (single A plus). The rating signifies Pan Africa’s long term financial stability and high claims paying ability. This position is enhanced by its association with the Sanlam Group (holding a 50% stake), which provides management and technical support.
GCR reaffirms Matsapha Town Board’s ratings
GCR has reaffirmed the domestic Emalangeni currency ratings of Matsapha Town Board (“Matsapha”) at BBB (triple BBB) and A2 (single A two) in the long and short term respectively.
Ezulwini Town Board ratings maintained
GCR has reaffirmed the domestic Emalangeni currency ratings of the Ezulwini Town Board (“Ezulwini”) at BB+ (double BB plus) and A3 (single A three) in the long and short term respectively.
C&I Leasing Plc’s ratings maintained, but placed on rating watch
GCR has maintained C&I Leasing Plc’s (“C&I”) domestic naira currency ratings at BBB (triple B) in the long term and A3 (single A three) in the short term respectively. However, due to several company specific risk factors and a deterioration in the operating environment in general, the ratings have been placed on rating watch.
ASO Savings & Loans Plc
GCR has put ASO Savings and Loans Plc (“ASO”) on rating watch. The company’s domestic Naira currency ratings of BBB (triple B) and A3 (single A three) in the long and short term respectively have, however, been retained. ASO is a Primary Mortgage Institution (“PMI”), incorporated to initially service the housing finance and banking needs of the residents of the Federal Capital Territory (“FCT”).
GCB’s rating maintained
GCR has retained Ghana Commercial Bank Limited’s (“GCB”) domestic cedi currency ratings of AA (double A) and A1+ (single A one plus) in the long and short term respectively. However, the ratings were placed on rating watch. GCB was established in 1952 and commenced operations in 1953, with the primary purpose of supporting small traders in Ghana and servicing the indigenous population. |
