Retail Capital lowered

Retail Capital’s international scale long and short-term issuer ratings have been pulled down to B- from B, with a stable outlook by GCR Ratings.

The downgrade of the South Africa-based financial services company’s rating reflects the strained operating environment in the country.

GCR is also concerned about the increasing risk in the banking sector post the coronavirus disease 2019 (COVID-19) crisis.

The stable outlook reflects GCR’s expectation of the company maintaining a strong leverage, supported by good earnings and shareholder injections.

See issuer details here