Moody’s completes acquisition of GCR Ratings

Moody’s Corporation has completed the acquisition of a majority (51%) stake in Global Credit Rating Company Limited (GCR).

Marc Joffe, chief executive officer (CEO) of GCR, said this in a statement made available to TheCable on Thursday.

With the acquisition, GCR becomes an affiliate of Moody’s Global Services, offering its rating methodologies and issuing its credit ratings.

The statement added that GCR would maintain a separate management team.

GCR operates in Africa with a broad geographic footprint inSouth Africa, Nigeria, Senegal, Kenya, and Mauritius.

“GCR expects this acquisition will further solidify its position as a leading provider of quality, objective and independent credit opinions on African markets,” Joffe said.

“GCR’s 25 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.”

As part of the broader GCR acquisition, African Women Chartered Accountants Investment Holdings (AIH) has acquired a 20 per cent stake in GCR South Africa.

AIH is a 100 per cent black women-owned investment company.

It would provide local strategic support through equity participation and representation on the GCR South Africa board.