Moody's Corporation (NYSE: MCO) confirmed that it has purchased a 51% stake in Global Credit Rating Company Limited (GCR). GCR has earned recognition as a prominent credit rating agency in Africa with operations covering the continent, including in South Africa, Nigeria, Senegal, Kenya, and Mauritius.
This acquisition is an important accomplishment in the history of GCR. This deal will allow GCR to build on its deep local market insights and a quarter-century of growth across the continent. It will also offer the chance to further create solutions that fulfill a range of customer needs, including credit ratings, credit risk solutions, and ESG capabilities.
Furthermore, Moody’s is determined to economic development in South Africa and sees empowerment as a critical component of its commitment to GCR's future success. To that aim, Moody's is working with a South African empowerment collaborator who will provide local strategic support in the form of considerable equity ownership and membership on the GCR South Africa board of directors.
Additionally, Moody’s and GCR are also determined to play a positive societal role. In South Africa, Moody’s and GCR planning to promote corporate social responsibility projects, including social enterprises that offer education and support to female-owned businesses and entrepreneurs. After the deal, GCR will continue to make its rating methodologies, issue its credit ratings, and keep a separate management team.