SA INVESTMENT
Carlyle buys into ratings company
Global Credit Ratings has the biggest share of credit ratings in Africa
Private equity group Carlyle has acquired about half of Global Credit Ratings (GCR) for an undisclosed amount, it was expected to say on Tuesday. GCR provides credit ratings and analysis services to insurers, financial institutions, the public sector and other corporate entities. Carlyle is buying the shares from GCR’s founding managers and German development financier DEG. "[The] GCR management team has created a truly local rating agency, which combines global best practice with an on-the-ground team with deep knowledge of the local markets," said Eric Kump, who jointly heads the Carlyle sub-Saharan Africa team. GCR, led by Marc Joffe, now has the biggest share of credit ratings in Africa – more than S&P Global Ratings, Moody’s and Fitch – and has offices in Johannesburg, Harare, Lagos and Nairobi.
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