(Ecofin Agency) - Global Credit Ratings (GCR), a South Africa based rating agency acquired by Carlyle Group, assures that it is not planning to leave the Kenyan market as some local media announced.
“Kenya and the Comesa region as a whole is a crucial strategic base for GCR to maintain and in fact enhance its presence, and one that we are exploring additional investment to further penetrate our leading market position”, said Marc Joffe (photo), Global Credit Ratings’ CEO, according to statements reported by a Kenyan financial media.
The rating agency explains that following its acquisition by Carlyle Group, it had to restructure the group and obtain a new licence from regulators. They did this in 2018. The confusion was spurred by the official journal’s announcement that the revocation application submitted by GCR for its old licence had been approved.
Three rating agencies are in the Kenyan market which is still very hard because the rating of companies is not mandatory. GCR is a major player in the sector in Africa. It rates 500 companies in 20 countries. In Kenya, it has 50 firms in its portfolio.