[South Africa] GCR publishes new appendix to criteria for rating financial services companies
GCR Ratings (“GCR”) has been published in the Appendix to Criteria for Rating Financial Services Companies, Asset Management Issuer Credit Ratings, representing a new approach to the analysis of credit ratings for Asset Managers.
This criteria appendix acts as a supplement to GCRs Criteria for Rating Financial Services Companies, published in May 2019, providing a breakdown of how the components are assessed and scored for entities falling within its scope. Read, it must be read in conjunction with the criteria, which can be found at GCRratings.com/riteria .
With respect to existing ratings, the criteria will be applied to specific entities previously rated under GCR's corporate criteria, that would fall within the scope of this criteria. GCR anticipates a fairly low number of such existing rated entities to be rated under this new criteria, with some rating movement, if the criteria is adopted.
All affected companies rated by GCR are consistently placed "Under Criteria Observation". The ratings of all affected entities will be reviewed using the new criteria within the next two months, which results in previously applicable review dates for these entities being potentially extended or brought forward.