Moody’s Corporation announced that it has agreed to acquire a majority (51%) stake in Global Credit Rating Company Limited (GCR). GCR is a leading credit rating agency in Africa with operations spanning the continent, including in South Africa, Nigeria, Senegal, Kenya, and Mauritius.
“GCR’s ratings play a significant role in the growth of Africa’s financial markets by providing critical insights into credit across a range of economies and sectors,” said Rob Fauber, President & Chief Executive Officer of Moody’s. “By combining GCR’s successful domestic operations with Moody’s global expertise, we have a unique opportunity to expand Moody’s presence in a high-growth region.”
“This is an important milestone in the history of GCR,” said Marc Joffe, Chief Executive Officer of GCR. “This transaction will enable us to build on our deep local market insights and a quarter-century of growth across the 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 capabilities.”
Moody’s is committed to economic transformation in South Africa and sees empowerment as an important part of the future success of its investment in GCR. To this end, Moody’s is engaging with a South Africa-based empowerment partner who will provide local strategic support through substantial equity participation and representation on the GCR South Africa board, according to the company’s statement.
Moody’s and GCR are also committed to playing a positive societal role. In South Africa, Moody’s and GCR intend to advance corporate social responsibility initiatives, including social enterprises that provide education and support to female-owned businesses and entrepreneurs, the statement added.
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