- The outlook is based on GCR’s expectations of Shelter Afrique’s stability in governance structures and operational frameworks.
- GCR said the ratings could improve with significant enhancements in Shelter Afrique’s asset quality.
- The institution underwent re-alignment and introduced a new organizational structure and operating model to support innovation.
South African rating agency GCR has assigned Shelter Afrique a positive outlook, anticipating a return to profitability within the next two years. GCR gave the pan-African housing development financier long and short-term issuer ratings of B- and B respectively.
The shift to a positive outlook reflects significant improvements in fundamentals and ongoing governance reforms within the organization. Shelter Afrique cut its non-performing loan ratio to 51 per cent by December 2022 from 67 per cent in 2021 .
GCR stated, “The outlook is positive based on our expectations of stability in governance structures and operational frameworks. We also factor in improvements in risk …
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