GCR accords ARM’s equity linked note programme an A rating
GCR has accorded Athi River Mining Limited’s (“ARM”) Equity Linked Note (“ELN”) programme a domestic KShs currency rating of A (single A). An unsecured debt issue, the rating was directly linked to the ARM long term domestic KShs rating, which GCR reaffirmed at A (single A), while the short term rating was maintained at A1 (single A one).
GCR to review Cargen’s rating within three months
GCR has maintained Car and General (Kenya) Limited’s (“Cargen”) domestic KShs currency long term rating at BBB (triple B) and short term rating at A3 (single A three). However, given the group’s weak performance in F09 and the deterioration in gearing ratios, the rating watch was retained and GCR undertook to review the rating before the end of June 2009.
Crusader receives “stand alone” claims paying ability rating of A-
Crusader General Insurance Company Limited (“Crusader”) was accorded a domestic Naira currency claims paying ability rating of A- (single A minus). The rating of the short term insurance operation takes into account the insurer’s established position in the Nigerian non-life insurance market, which was further augmented by recent expansion initiatives, whereby Crusader successfully concluded the acquisition of five other domestic insurance companies.
Ekurhuleni’s ratings downgraded
GCR has downgraded Ekurhuleni Metropolitan Municipality’s (“EMM”) domestic ZAR currency credit ratings by one notch each to AA- (double A minus) and A1 (single A one) in the long and short term respectively. This notwithstanding, Ekurhuleni remains one of the three most highly rated local authorities in the country.
Johannesburg’s short term rating revised
GCR has downgraded the City of Johannesburg Metropolitan Municipality’s (“CJMM”) short term domestic ZAR currency credit rating to A1- (single A one minus) from A1 (single A one), while the long term rating was reaffirmed at A (single A). Furthermore, the ratings have been placed on rating watch.
Bank Windhoek Limited retains strong ratings
GCR has reaffirmed Bank Windhoek Limited’s domestic N$ currency long term credit rating at AA (double A) and its short term credit rating at A1+ (single A one plus). The ratings reflect the bank’s established domestic franchise, continuing strong asset quality, improving liquidity position and risk-appropriate capitalisation. These are, however, partially offset by the susceptibility of earnings to exogenous shocks and certain future operational challenges (referring to the regulator’s recently publicised efforts to re-shape the local banking sector).
ABC Tanzania awarded investment grade ratings
ABC Tanzania has been awarded a domestic TShs currency long term credit rating of BBB- (triple B minus) and a short term rating of A3 (single A three), although being placed on negative rating watch.
National Housing Finance Corporation Limited
GCR has retained the National Housing Finance Corporation Limited’s (“NHFC”) ratings at AA- (“double A minus”) and A1+ (“single A one plus”) in the long and short term respectively. The National Department of Housing established the NHFC in 1996 as a government owned development finance institution, focusing on addressing South Africa’s low to middle income housing finance requirements. |
