Moody’s Corporation (NYSE: MCO) now owns 100% of the Global Credit Rating Company Limited (GCR).
MCO acquired a 51% stake in GCR back in 2021.
GCR is a leading credit rating agency in Africa with a broad geographic footprint in South Africa, Nigeria, Senegal, Kenya, and Mauritius.
Marc Joffe, Chief Executive of GCR, said about the acquisition, “the full acquisition of GCR by Moody’s, is an important milestone that will enable us to build on our deep local market insights and over a quarter century of growth across the African continent. It will also provide the opportunity to further develop solutions that meet a range of customer needs, including credit ratings, credit risk solutions, and ESG (environmental, social and governance factors) capabilities.”
Following the acquisition, GCR will continue to use its own ratings methodologies, issue its own credit ratings and maintain a separate management team.
Thia is in 25 African countries, including Mauritius, South Africa, Kenya and Nigeria.