Moody’s Corporation (NYSE:MCO) announced today that it has fully acquired Global Credit Rating Company Limited (GCR), a leading domestic credit rating agency with operations spanning Africa. The announcement follows Moody’s 2022 acquisition of a majority stake in GCR, and expands Moody’s investment in Africa’s domestic credit markets.

“GCR provides investors with crucial insights and clarity into Africa’s fast-growing domestic credit markets, which play an important role in economic development throughout the continent,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “Moody’s is excited to deepen our domestic ratings presence in Africa through a trusted name in GCR.”

“The full acquisition of GCR by Moody’s is an important milestone that will enable us to build on our deep local market insights and over a quarter century of growth across the African continent,” said Marc Joffe, Chief Executive of GCR. “It will also provide the opportunity to further develop solutions that meet a range of customer needs, including credit ratings, credit risk solutions, and ESG capabilities.”

GCR rates financial institutions, corporates, public sector issuers, and structured transactions across Africa, and maintains offices in South Africa, Nigeria, Senegal, Kenya, and Mauritius. It will continue to operate as an affiliate of Moody’s – developing its own rating methodologies, issuing its own credit ratings, and maintaining a separate management team.

The terms of the transaction were not disclosed, and it will not have a material impact on Moody’s 2024 financial results.