Moody’s buys 51pc stake in ratings rival

Moody’s Corporation has agreed to acquire a majority stake in Global Credit Rating Company Ltd (GCR), which has operations in South Africa, Nigeria, Senegal, Kenya and Mauritius.

“GCR’s ratings play a significant role in the growth of Africa’s financial markets by providing critical insights into credit across a range of economies and sectors,” said Moody’s Chief Executive Rob Fauber.

“By combining GCR’s successful domestic operations with Moody’s global expertise, we have a unique opportunity to expand Moody’s presence in a high-growth region.” 

The transaction is subject to customary regulatory approvals and is expected to close in the second quarter of 2022. However, the terms of the transaction were not disclosed.