Moody’s Acquires Majority Stake in GCR Ratings, AIH Confirmed as Empowerment Partner
Mauritius, May 18th, 2022 – Global Credit Rating Company Limited (GCR) is pleased to announce that Moody’s Corporation (NYSE: MCO) has acquired a majority (51%) stake in GCR. GCR is a leading credit rating agency in Africa with a broad geographic footprint that includes South Africa, Nigeria, Senegal, Kenya, and Mauritius.
GCR’s 25 year proven track record and successful domestic operations across the African continent, together with Moody’s international expertise represents a unique opportunity to contribute to the development of capital markets and the wider economies across Africa. GCR expect this acquisition will further solidify its position as a leading provider of quality, objective and independent credit opinions on African markets.
As part of the broader GCR acquisition, African Women Chartered Accountants Investment Holdings (AIH) has acquired a 20% stake in GCR South Africa. AIH is a 100% black women-owned investment company. AIH will provide local strategic support through its equity participation and representation on the GCR South Africa board.
Following the acquisition, GCR will continue to develop its own ratings methodologies and issue its own credit ratings and will maintain a separate management team.
With a 25-year track record, GCR has developed a very substantial, market leading pan African credit ratings business, encompassing over 600 credit ratings across 25 countries in Africa. GCR is licensed as a rating agency in a number of markets, including Mauritius with the Financial Services Commission, South Africa with the Financial Sector Conduct Authority, Kenya with the Capital Markets Authority, Nigeria with the Securities and Exchange Commission, and CREMPF in the West African Monetary Union. GCR is also recognised as an eligible External Credit Assessment Institution (ECAI) by the Bank of Mauritius and the South African Reserve Bank.