Global Credit Ratings (“GCR”) can trace its origins back to 1996 when it was established as the African Arm of the New York Stock Exchange-listed Duff & Phelps. Very rapid growth followed and GCR has since established itself as the market leader, accounting for the majority of all ratings accorded on the African continent (in fact rating more African credits than S&P, Moody’s and Fitch combined). GCR’s holding company is domiciled in Mauritius, with its main regional offices established in Johannesburg, Lagos and Nairobi respectively.

Having firmly established a market leadership position in Africa, a major thrust has been to establish a similar position in other key emerging markets, encompassing South America, Europe, Asia and the Middle East. This is expected to be achieved through acquisitions, alliances, and organic growth, and by drawing on the strengths of partner companies, who are typically leading players in their own domestic markets. GCR is also a founder member of Europe based ARC Ratings, which is registered with the European Securities and Markets Authority.

In support of GCR’s objective to establish itself as “a leading international emerging markets focused rating agency”, one of the largest international Development Finance Institutions (“DEG”) acquired a significant stake in the business in December 2007, and further increased its shareholding in both 2012 and 2014. In addition, the Carlyle Group acquired a 49.9% stake in GCR towards the end of 2016. Carlyle is the pre-eminent Global Private Equity player, managing assets in the region of US$170 billion and who’s portfolio companies’ combined would rank it amongst the 10 most profitable corporations worldwide. The representation of DEG and the Carlyle Group gives significant weighting and credibility to our ratings in Africa, as well as future ratings activity across other key markets.