Trustco gets investment grade ratings
Global Credit Rating Co. (GCR), the largest credit rating agency in Africa has awarded Trustco Group Holdings an initial Namibian Dollar currency long BBB-and short term rating of A3, with a stable outlook.
GCR says the rating signifies satisfactory liquidity and adequate protection factors and was underpinned by low gearing, strong capitalisation and a solid earnings track record. The ratings agency added that in terms of the core insurance operations encompassing legal assistance, funeral and life cover for the mass market, the Group is strategically well placed and dominates its target market in Namibia.
Furthermore, being a dual listed entity, GCR says Trustco conforms to a high level of corporate governance in line with the King Reports on Corporate Governance.
Trustco said the investment grade rating is the first step in accessing the capital markets for funding and the proposed listed bond programme which is expected to be in place by November.