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| Sector Coverage Corporates - all sectors Banks and Financial Services Asset Management and Funds Short term Insurance, Life Insurance and Reinsurance Quasi Government / Parastatal / Local Government Medical Schemes Structured Finance Services Global Credit Rating Co. ("GCR") rates the full spectrum of security classes and its core competitive advantage is based on the principal of "analytical excellence". GCR's unrivalled track record for ratings accuracy is evidenced by an investment grade default ratio of only 0.9% over the past 10 years, which is by far the most accurate of any agency operating in emerging markets. GCR accords both local currency National Scale ratings (which are tiered against an assumed "best possible" rating of AAA and enable appropriate differentiation of credit quality within each country), as well as International Scale ratings (which are tiered against US government risk, incorporate all sovereign risk and currency conversion issues, and are thus directly comparable across all countries). Background GCR can trace its origins back to 1996 when it was established as the African arm of the New York Stock Exchange-listed Duff & Phelps. Very rapid growth followed and within only a short period the company had established itself as the market leader, employing the largest team of rating analysts in Africa and accounting for around 60% of all ratings accorded on the African continent. GCR's African regional headquarters are based in Johannesburg, with its main SADC, Central, West and East African regional offices established in Harare, Lagos, Lusaka and Nairobi respectively. A Francophone office is currently in the process of being established in Cameroon. Having firmly established a market leadership position in Africa, a major thrust has been to establish a similar position in South America, Eastern Europe, Asia and the Middle East, via a combination of acquisitions, alliances, and organic growth. Currently, GCR and its International Ratings Group ("IRG") affiliates rate almost 1000 organisations and debt issues in over 30 countries spanning 4 continents. Regional headquarters are established in Johannesburg, Lima and Karachi, with sub-regional offices established in a further 12 countries. In support of GCR's objective to establish itself as "the leading international emerging markets focussed rating agency" one of the largest international Development Finance Institutions in the world ("DEG") acquired a significant stake in the business. The DEG/KFW group is AAA rated internationally and has assets in excess of half a trillion US dollars. In August 2009, the French Government owned PROPARCO (also AAA rated internationally) became the second largest institutional stakeholder in the business, facilitating GCR's expansion into Francophone markets. GCR is currently the only international credit rating agency in Africa to boast any form of empowerment credentials, with thirty percent of GCR SA's ordinary issued share capital owned by indigenous black shareholders. |
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