Moody’s Acquires 100% Stake in GCR Ratings

By Aduragbemi Omiyale

A leading rating organisation, Moody’s Corporation, has taken full control of a fellow player in the industry, Global Credit Rating Company (GCR) Limited.

This happened after Moody’s increased its stake in GCR to 100 per cent from 51 per cent in 2022 in a bid to solidify its presence in the African region.

GCR is a leading credit rating agency in Africa with a broad geographic footprint that includes South Africa, Nigeria, Senegal, Kenya, and Mauritius.

Following the acquisition, GCR will continue to use its rating methodologies, issue its credit ratings and maintain a separate management team.

“The full acquisition of GCR by Moody’s is an important milestone that will enable us to build on our deep local market insights and over a quarter century of growth across the African continent.

“It will also provide the opportunity to develop further solutions that meet a range of customer needs, including credit ratings, credit risk solutions, and ESG (environmental, social and governance factors) capabilities,” the chief executive of GCR, Mr Marc Joffe, stated.

GCR’s 28-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.

The firm expects its acquisition by Moody’s to solidify further its position as a leading provider of quality, objective and independent credit opinions in African markets.