Moody’s Fully Acquires GCR Ratings, Deepening Presence in Africa’s Domestic Credit Markets
July 08 2024 - 8:00AM
Business Wire
Moody’s Corporation (NYSE:MCO) announced today that it has fully
acquired Global Credit Rating Company Limited (GCR), a leading
domestic credit rating agency with operations spanning Africa. The
announcement follows Moody’s 2022 acquisition of a majority stake
in GCR, and expands Moody’s investment in Africa’s domestic credit
markets.
“GCR provides investors with crucial insights and clarity into
Africa’s fast-growing domestic credit markets, which play an
important role in economic development throughout the continent,”
said Rob Fauber, President and Chief Executive Officer of Moody’s.
“Moody’s is excited to deepen our domestic ratings presence in
Africa through a trusted name in GCR.”
“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,” said Marc Joffe, Chief Executive of GCR. “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 capabilities.”
GCR rates financial institutions, corporates, public sector
issuers, and structured transactions across Africa, and maintains
offices in South Africa, Nigeria, Senegal, Kenya, and Mauritius. It
will continue to operate as an affiliate of Moody’s – developing
its own rating methodologies, issuing its own credit ratings, and
maintaining a separate management team.
The terms of the transaction were not disclosed, and it will not
have a material impact on Moody’s 2024 financial results.
About Moody’s Corporation
In a world shaped by increasingly interconnected risks, Moody’s
(NYSE: MCO) data, insights, and innovative technologies help
customers develop a holistic view of their world and unlock
opportunities. With a rich history of experience in global markets
and a diverse workforce of approximately 15,000 across more than 40
countries, Moody’s gives customers the comprehensive perspective
needed to act with confidence and thrive. Learn more at
moodys.com.
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For Moody’s Investor Relations: Shivani Kak Moody’s Corporation
+1 212-553-0298 Shivani.Kak@moodys.com
For Moody’s Communications: Joe Mielenhausen Moody’s Corporation
+1 212-553-1461
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