Global Credit Rating Company Limited (GCR) is pleased to announce that Moody’s Corporation (NYSE: MCO) has increased its stake in GCR to 100%, following a 51% acquisition in 2022.
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 28-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 expects this acquisition will further solidify its position as a leading provider of quality, objective and independent credit opinions in African markets.
Commenting on the acquisition, Marc Joffe, Chief Executive of GCR, said,
“The full acquisition of GCR by Moody’s 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”.
Following the acquisition, GCR will continue to use its own ratings methodologies, issue its own credit ratings and maintain a separate management team.