Moody’s Acquires 100% Stake in GCR Ratings
Global Credit Rating Company Limited (GCR) has announced that Moody’s Corporation has increased its stake in GCR to 100%, following a 51% acquisition in 2022.
The acquisition is coming 28 years after GCR’s proven track record and successful domestic operations across the African continent, with a broad geographic footprint that includes South Africa, Nigeria, Senegal, Kenya, and Mauritius.
GCR said expects this acquisition will further solidify its position as a leading provider of quality, objective and independent credit opinions in African markets.
Commenting on the acquisition, Marc Joffe, Chief Executive of GCR, said, “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 further develop solutions that meet a range of customer needs, including credit ratings, credit risk solutions, and ESG (environmental, social and governance factors) capabilities”.
Following the acquisition, GCR said it will continue to use its own ratings methodologies, issue its own credit ratings and maintain a separate management team. Selloffs Nudge Treasury Bills Yield Higher Ahead of Auction
