Moody’s acquires GCR, terms undisclosed

Moody’s announced that it has fully acquired Global Credit Rating, or GCR, a domestic credit rating agency with operations spanning Africa. The announcement follows Moody’s 2022 acquisition of a majority stake in GCR, and expands Moody’s investment in Africa’s domestic credit markets. GCR rates financial institutions, corporates, public sector issuers, and structured transactions across Africa, and maintains offices in South Africa, Nigeria, Senegal, Kenya, and Mauritius. It will continue to operate as an affiliate of Moody’s – developing its own rating methodologies, issuing its own credit ratings, and maintaining a separate management team. The terms of the transaction were not disclosed, and it will not have a material impact on Moody’s 2024 financial results.