Africa-Press – Namibia. THE company Global Credit Rating has affirmed the Namibian long- and short-term issuer ratings of Bank Windhoek Limited at AA(NA)/A1+(NA), in its recent review of the member of Capricorn Group.
An AA rating means there is a low chance of default, while an A1 rating signifies that the issuer or carrier has stable financial backing and ample cash reserves.
In a media release issued this week, Global Credit Rating (GCR) affirmed the South African national scale long-term issuer rating at A(ZA). The outlook was assessed as stable.
Bank Windhoek’s chief treasurer, Claire Hobbs, says that as one of the biggest banks in Namibia leading the market in credit extension, the bank is proud of the achievement.
“Despite tough economic challenges in 2021, made worse by the Covid-19 pandemic, our staff and customers made sure that we navigated the challenging environment together,” says Hobbs.
GCR added that the bank’s growing emphasis on renewable energy and sustainable projects and listing the first sustainability bond in southern Africa sets it apart from peers, and continued leveraging of its bond programme. Focus on these projects could uplift the business profile assessment for the environmental social governance characteristics in the future.
“Bank Windhoek’s ratings reflect the credit profile of its parent company Capricorn Group. The bank’s contribution to the group’s net profit after tax for the 2021 financial year of 68% and assets of 79% is significant,” said the review, adding that GCR views it as the group’s core operating entity and flagship brand.
GCR further said the rating affirmation balances the group’s solid and entrenched position as a leading financial services provider in Namibia and good asset quality.
Established in 1996, GCR is the African arm of the New York Stock Exchange, and has since established itself as the leading rating agency in Africa. GCR has the most extensive rating team in Africa through its local presence in Mauritius, South Africa, Nigeria, Kenya, Senegal, and Zimbabwe.
In South Africa, GCR is registered as a credit rating services provider by the financial sector conduct authority. GCR is also recognised as an eligible external credit assessment institution by the South African Reserve Bank, and a founding member of Europe-based ARC Ratings, registered with the European Securities and Markets Authority.
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