Global Credit Rating (GCR), in its recent review of Bank Windhoek, affirmed the Namibian long and short-term issuer ratings of Bank Windhoek Limited at AA(NA)/A1+(NA).
At the same time, the South African national scale long-term issuer rating has been affirmed at A(ZA).
The outlook was assessed as Stable.
“Despite tough economic challenges in 2021 made even worse by the pandemic, our staff and customers made sure that we navigated the challenging environment together,” Bank Windhoek’s Chief Treasurer, Claire Hobbs said.
GCR added that the Bank’s growing emphasis on renewable energy and sustainable projects and listing the first Sustainability Bond in the southern African region differentiates it from peers and continued leveraging off its Bond programme and focus on these projects could uplift the business profile assessment for the Environmental Social Governance (ESG) characteristics in the future.
“Backed by its parent company, Capricorn Group, Bank Windhoek’s ratings reflect the credit profile of Capricorn Group. The Bank’s contribution to the Group’s net profit after tax for the 2021 Financial Year of 68% and assets of 79% is significant,” said the review, adding that GCR views it as the Group’s core operating entity and flagship brand.
GCR further said that the rating affirmation balances the Group’s solid and entrenched position as a leading financial services provider in Namibia and good asset quality.
Established in 1996, GCR as the African arm of the New York Stock Exchange, the credit agency has the most extensive rating team in Africa through its local presence in Mauritius, South Africa, Nigeria, Kenya, Senegal, and Zimbabwe.
In South Africa, GCR is registered as a Credit Rating Services Provider by the Financial Sector Conduct Authority.