The Global Credit Rating (GCR) Company Limited has rated a number of insurance companies in Kenya, noting that all of them have a stable credit outlook.
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A credit rating is the credit evaluation of an individual, organization, or government by measuring its ability to repay its debts in the short-term (Below one year) and long-term (Above one Year). A high credit rating is an indication that a company is very likely to repay its debt obligations without facing any difficulty.
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Among the companies under review, ICEA Lion Insurance Holding and ICEA Lion General Insurance Company Limited had the highest credit score among the sampled insurance companies at AAA, with a stable outlook.
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Other companies that were under review include East Africa Reinsurance Company Limited and Kenya Reinsurance Corporation Limited (Kenya Re), with both companies having a credit score of AA+, while Jubilee Insurance, Mayfair Insurance, and CIC Life Insurance have credit scores of AA-, A+, and BBB, respectively.
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The GCR credit score ranges between AAA (the highest credit score) and CCC (the lowest credit score) on an International scale. Additionally, it uses modifiers such as + and – to compare the score within the country of residence of the company.
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