Moody’s Corporation has fully acquired Global Credit Rating (GCR), a leading credit rating in Africa, accounting for most of the ratings issued in the region.
In 2022, Moody’s acquired a majority 51% stake of GCR in a bid to expand its footprint in the African continent with anticipation of increased demand for credit ratings services.Despite the acquisition, GCR will continue to use its own ratings methodologies, issue its own credit ratings and maintain a separate management team. With over 3 decades of practice, the Mauritius-based GCR focuses on rating companies and institutions that borrow local currencies in the continent and has operations across Kenya, South Africa,Mauritius, Nigeria, Zimbabwe and Senegal.“Moody’s is excited to deepen our domestic ratings presence in Africa through a trusted name in GCR.” said Rob Fauber, CEO of Moody’s.
“The full acquisition 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” Marc Joffe, Chief Executive of GCR, said.
The terms of the transaction remained undisclosed and will not affect Moody’s 2024 financial results.
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