General Alliance maintains A+
General Alliance Insurance Company Limited’s (“General Alliance”) domestic MK currency claims paying ability rating was reaffirmed at A+ (single A plus). The rating is a reflection of the insurer’s position as a top tier player in the Malawian non-life insurance market, which is underpinned by established relationships with corporate clients in the region.
Clientèle Life retains A+ financial strength rating
GCR has reaffirmed the domestic ZAR currency financial strength rating of Clientèle Life Assurance Company Limited (“Clientèle Life”) at A+ (single A plus).
Basil Read retains A- rating
GCR has reaffirmed the domestic ZAR currency long and short term credit ratings of Basil Read at A- (single A minus) and A1- (single A one minus) respectively. Despite the downturn in construction, Basil Read reported strong revenue and earnings growth. As the group’s operations are almost entirely in South Africa, Basil Read was largely insulated against the problems experienced in other parts of the globe.
GCR accords Steinhoff International an A- rating
GCR has accorded Steinhoff International Holdings (“Steinhoff”) a long term ZAR currency credit rating of A- (single A minus) and a short term rating of A2 (single A two). The benefits of Steinhoff’s vertically integrated model were evidenced in F09 and 1H F10, as the integration provided the group leeway to shift production and distribution between regions, thereby reducing the effects of the global decline in consumer spend.
GCR affirms Bidvest ratings
GCR has affirmed the domestic ZAR currency long and short term credit ratings of The Bidvest Group Limited (“Bidvest”) at A+ (single A plus) and A1 (single A one) respectively. The 2009 year was arguably one of Bidvest’s most challenging periods, as the full effects of the global economic downturn were evidenced. The majority of the group’s divisions reported results below expectations, as margins came under pressure. Particularly affected were the vehicle and European operations.
Momentum Health’s rating reaffirmed
Momentum Health’s domestic ZAR currency claims paying ability rating has been reaffirmed at A+ (single A plus) by GCR. The rating has also been maintained on rating watch, with the scheme’s performance to be monitored on an ongoing basis.
Fedhealth accorded with a AA- rating
GCR has reaffirmed the domestic ZAR currency claims paying ability rating of Fedhealth Medical Scheme (“Fedhealth”) at AA- (double A minus), with the rating placed on rating watch. The rating is a reflection of a very high claims paying ability and strong protection factors.
Bankmed’s strong credit rating maintained
GCR has maintained the domestic ZAR currency claims paying ability rating of Bankmed at AA (double A). In addition, the scheme’s positive outlook status has also been retained. The rating is defined as having a very high claims paying ability, and is currently the highest rating accorded to a restricted South African medical scheme. Bankmed was established in 1914 and is one of the oldest medical schemes in South Africa. Membership is available to the staff of banking and financial institutions, which includes three of the four largest commercial banking groups. As at FYE09, Bankmed provided healthcare funding to 100,504 principal members, making it one of the largest closed medical schemes in South Africa.
Steve Tshwete Municipality downgraded
GCR has downgraded the Steve Tshwete Local Municipality’s (“Steve Tshwete”) domestic ZAR currency credit ratings to BBB+ (triple B plus) and A2 (single A two) in the long and short term respectively, from A- (single A minus) and A1- (single A one minus) previously. |
