Feb. 2, 2022
Moody’s Corporation has acquired a majority stake in Global Credit Rating Company Limited, the leading credit rating agency in Africa with a large geographic footprint that includes South Africa, Nigeria, Kenya, Senegal and Mauritius.
The deal marks a significant milestone for the firm. It solidifies GCR’s position and proven record as a leading domestic continental provider of quality, objective and independent credit opinion on African markets as it continues to develop its rating methodologies and issue credit ratings.
Founded 25 years ago, GCR has leverage its on-the ground local intelligence knowledge and understanding of the nuances of the African financial markets to deliver critical insights on credit rating across African economies and sectors that play a significant role in the growth of Africa’s financial markets.
The deal will also opens up new opportunity to develop new solutions that meet a range of customer needs, including credit ratings, credit risk solutions, and ESG capabilities.”“
“By combining GCR’s successful domestic operations with Moody’s global expertise, we have a unique opportunity to expand Moody’s presence in a high-growth region, said Moody’s President and Chief Executive Officer Rob Fauber.
In a statement accompanying the announcement, Moody’s said it remains committed to economic transformation in South Africa and sees empowerment as an important part of the future success of its investment in GCR. The firm said it is engaging with a South Africa-based empowerment partner to provide local strategic support through substantial equity participation and representation on the GCR South Africa board.
As part of their commitment, Moody’s and GCR also plan to support social enterprises that provide education and support to female-owned businesses and entrepreneurs.
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