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COMPLIANCE WITH LIQUIDITY RATIOS BIGGEST RISK FOR SA BANKS IN BASEL III
April 2011: The implementation of Basel III in the global banking sector will require greater management of risk and capital, according to a report by US based consulting group Bain. However, in the local context, one of the biggest risks facing South African banks is compliance with new liquidity ratios, which could increase funding costs for banks by as much as 30%.
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PROPERTY FUNDS LOOKING TO CAPITAL MARKETS FOR CASH
Increased capital raising also likely to result in consolidation of smaller funds
April 2012: South African property funds looking to raise capital are increasingly turning to capital markets rather than the traditional method of borrowing from banks, as they are being offered more attractive interest rates.
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NEW SOLVENCY REQUIREMENTS ALREADY BEING ENFORCED
Insurers must submit new statutory capital requirements at financial year-ends in 2012
April 2012: The Financial Services Board’s planned Solvency Assessment & Management (SAM) initiative, to ensure all insurers have sufficient capital to mitigate against a number of risks, is planned for implementation in 2014. Leading up to the implementation of SAM, however, a new statutory capital requirement is also being enforced from the start of 2012.
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GCR ACCORDS TSHWANE’S CREDIT RATINGS AT A AND A1-
February 2012: Global Credit Rating Co. (“GCR”) has accorded the City of Tshwane Metropolitan Municipality (“Tshwane" or "the Metro”) a long term national ZAR currency credit rating of A (“single A”) and short term national ZAR currency credit rating of A1- (“single A one
minus”).
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GCR AFFIRMS NETCARE SA ZAR RATING AT A
February 2012; Global Credit Ratings has affirmed Netcare South Africa Limited ZAR currency national scale rating at a long term A (single A) and short term A1 (single A one). The rating specifically precludes an analysis of the debt incurred through General Healthcare Group GHG, as this is non-recourse to the South African operations.
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SA CORPORATES IN GOOD SHAPE FOR 2012
January 2012: South Africa’s large corporates are in a solid position as they enter 2012, particularly with many having used the recent period of recession and slower economic growth to pay down debt and shore up their balance sheets, in preparation for an upturn. However, some pressure continues to be evidenced in the small to medium size business segment of the economy.
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NO UPTURN EXPECTED IN SA CONSTRUCTION SECTOR IN MEDIUM TERM
November 2011: South Africa’s construction sector - currently undergoing a major slowdown following the infrastructure and building boom of recent years – is unlikely to see an uptick in the medium term with activity expected to remain muted for at least the next 12 months.
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GCR REAFFIRMs PSG KONSULT’S LONG TERM RATING AT BBB
November 2011: GCR has reaffirmed PSG Konsult’s National scale rating at BBB in the long term and A2 in the short term. GCR said that despite a difficult operating environment PSG Konsult had expanded into the largest independent financial planning and insurance brokerage network in South Africa.
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GCR AFFIRMS AAA RATING ON SANTAM
August 2011: Global Credit Ratings (GCR) has affirmed its AAA rating on the claims paying ability of Santam, as well as its AA- rating on the short term insurer’s long term subordinated debt.
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THE IMPACT OF THE US DOWNGRADE FOR EMERGING MARKETS
August 2011: The recent downgrade of the US's debt rating by Standard & Poor's from AAA to AA+ has already caused major turmoil in the global stock markets but according to an emerging market-focused ratings agency this should not be the main concern for investors.
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