Transaction Capital rating cut down

Transaction Capital’s long-term international scale rating has been pulled down to B from B+, by GCR Ratings (GCR).

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.

Meanwhile, GCR has affirmed Transaction Capital’s long and short-term issuer ratings at A-(ZA)/A2(ZA) with a negative outlook.

See issuer details here