Credit rating company GCR has withdrawn its issuer ratings for Cytonn Investment Management PLC for analytical reasons. An announcement on the company’s website reveals that it last rated Cytonn in November 2018. However, it did not review the 2018 long and short term rating due to insufficient information.
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“GCR Ratings has withdrawn Cytonn Investments Management Plc’s Issuer ratings for analytical reasons. Accordingly, GCR will no longer provide analytical coverage on the Issuer. The long and short-term national scale Issuer ratings of B(KE)/B(KE) respectively could not be reviewed before withdrawal, due to the absence of sufficient information, and were last updated in November 2018,” read the announcement.
In 2018, the credit rating agency rated the Kenyan investment firm with a B(KE)/B(KE) for both short and long term, with an evolving outlook. However, this was a shift from Cytonn’s BB(KE) stable outlook in 2017. While GCR rated Cytonn’s commercial paper at B in 2017, the company did not rate Cytonn’s commercial paper for 2018. This is because its commercial paper was withdrawn in November 2018.
“The commercial paper ratings were withdrawn in November 2018, as there was no paper in issue,” GCR clarified.
