Global Credit Rating Company Limited (GCR) is pleased to announce that Moody’s Corporation (NYSE: MCO) has acquired a majority (51%) stake in GCR. GCR is a leading credit rating agency in Africa with a broad geographic footprint that includes South Africa, Nigeria, Senegal, Kenya, and Mauritius.
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. GCR expect this acquisition will further solidify its position as a leading provider of quality, objective and independent credit opinions on African markets.
As part of the broader GCR acquisition, African Women Chartered Accountants Investment Holdings (AIH) has acquired a 20% stake in GCR South Africa. AIH is a 100% black women-owned investment company. AIH will provide local strategic support through its equity participation and representation on the GCR South Africa board.
Following the acquisition, GCR will continue to develop its own ratings methodologies and issue its own credit ratings and will maintain a separate management team.
