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Moody’s Acquires Majority Stake in GCR Ratings, AIH Confirmed as Empowerment Partner

Mauritius, May 18th, 2022 – Global Credit Rating Company Limited (GCR) is pleased to announce that Moody’s Corporation (NYSE: MCO) has acquired a majority (51%) stake in GCR. 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 25 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 expect this acquisition will further solidify its position as a leading provider of quality, objective and independent credit opinions on African markets.

As part of the broader GCR acquisition, African Women Chartered Accountants Investment Holdings (AIH) has acquired a 20% stake in GCR South Africa. AIH is a 100% black women-owned investment company. AIH will provide local strategic support through its equity participation and representation on the GCR South Africa board.

Following the acquisition, GCR will continue to develop its own ratings methodologies and issue its own credit ratings and will maintain a separate management team.

ABOUT GCR

With a 25-year track record, GCR has developed a very substantial, market leading pan African credit ratings business, encompassing over 600 credit ratings across 25 countries in Africa. GCR is licensed as a rating agency in a number of markets, including Mauritius with the Financial Services Commission, South Africa with the Financial Sector Conduct Authority, Kenya with the Capital Markets Authority, Nigeria with the Securities and Exchange Commission, and CREMPF in the West African Monetary Union. GCR is also recognised as an eligible External Credit Assessment Institution (ECAI) by the Bank of Mauritius and the South African Reserve Bank. 

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Precious Sibiya CA (SA) (Non-Executive Director)

Precious Sibiya CA (SA) Precious is an accomplished executive and non-executive director with many years of experience in various leadership roles. She has more than 20 years corporate experience in finance, risk management, financial management, supply chain management and compliance. She is a seasoned professional who has worked in various roles across diverse industry sectors (viz logistics, energy, financial services, insurance, consulting) within private and public sectors. Her roles range from Internal auditor, Risk manager, General Manager Finance to Internal Audit Director.

She has served and continues to serve on various boards and audit committees in the roles of Board member, chairman, deputy chairman and committee member.

Her current boards and committee engagements are Ithala Development Finance Corporation, AIH, Ethekwini Municipality, National Credit Regulator,  Ekurhuleni Municipality, Financial Intelligence Centre and Reef Tankers (Pty) Ltd.

She has previously served on the boards and/or audit committees of Sentech, SkX, Parliament of South Africa, Gauteng Provincial Government, National Gambling Board, AWCA, Union Life, NEHAWU Investment Holdings (NIH), South African Reserve Bank Captive Insurance Company Limited (SARBCIC) , City of Johannesburg, Eskom Finance Company and Eskom subsidiaries in Africa (Umeme Ltd in Uganda, Elgas in Mozambique), amongst others.

Precious is a member of the South African Institute of Chartered Accountants and African Women Chartered Accountants. She completed her articles at Deloitte in Durban where she qualified as a Chartered Accountant. She is also a registered business rescue practitioner.

She is passionate about community development especially programmes involving children and rural women.