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GCR withdraws Cytonn Investments Management Plc’s ratings

GCR Ratings (“GCR”) has announced that it has withdrawn Cytonn Investments Management Plc’s Issuer ratings for analytical reasons. GCR further says it will no longer provide analytical coverage on the Issuer. “The long and short-term national scale Issuer ratings of B(KE)/B(KE) respectively could not be reviewed before withdrawal, due to the absence of sufficient information, and were last updated in November 2018,” said GCR in a statement.

Related Criteria and Research

Criteria for the GCR Ratings Framework, May 2019
Criteria for Rating Corporate Companies, May 2019
GCR Ratings Scale, Symbols & Definitions, May 2019
GCR Country Risk Scores, June 2019
GCR’s Kenya Corporate Sector Risk Scores, September 2019

Ratings History

Cytonn Investments Management Plc

Rating classReviewRating scaleRatingOutlook/WatchDate
Issuer Long TermInitialNationalBB(KE)StableSep 2017
Issuer Short TermNationalB(KE)
Commercial paperNationalB(KE)
Issuer Long TermLastNationalB(KE)EvolvingNov 2018
Issuer Short TermNationalB(KE)
Commercial paper*NationalWD

*The commercial paper ratings were withdrawn in November 2018, as there was no paper in issue.

GCR says that no part of the ratings was influenced by any other business activities of the credit rating agency. It added that the ratings were based solely on the merits of the rated entity, security or financial instrument being rated and that such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

“The credit rating outcome has been disclosed to the Issuer. The ratings were solicited by, or on behalf of, the Issuer, and therefore, GCR has been compensated for the provision of the ratings,” concluded GCR on its statement

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