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Ratings Releases
Industry Sector Analyses are prepared by CRA and are available under the following broad categories:
Major publications include those by Credit Rating Agency staff and consultants.
ZICB rated A
PRS has released long and short term credit ratings for Zambia Industrial Commercial Bank Plc (ZICB), effective 1 January 2025 with a one-year validity. The Bank has been assigned a Long-Term Credit Rating (LTR) of A and a Short-Term Credit Rating (STR) of 1.
The 'A' LTR reaffirms ZICB's financial strength, resilience, and strategic growth, which have positioned the Bank to access favourably priced credit lines and provide more competitive financial solutions to customers for the ultimate benefit of the Zambian economy.
Announcing the ratings, PRS Ltd CEO, Mr Dionysius Makunka CFA, stated that ZICB's credit rating underscores the Bank's position as a financial institution of very high credit quality and very low credit risk.
"ZICB's long-term rating of 'A' signifies a strong financial position and ability to meet all obligations over an extended horizon",Mr. Makunka said. He further stated that "Investors can have confidence in ZICB's stability and resilience, making it an attractive choice for long-term investments."
Commenting on this milestone, Chairman of the Board of Directors of ZICB, Mr Danny Luswili, said that the Bank is pleased to have been assigned the strong credit rating as this affirms its strategic vision and is a reflection of the resilient performance that ZICB has demonstrated since inception.
"The credit rating that ZICB has been assigned is not just a measure of where the Bank is standing today but is also a validation of our strategic intent and foundation for future growth. With this rating of 'A', ZICB is now well positioned to leverage numerous opportunities in Zambia and other markets. The rating will allow us to access fairly priced credit lines and other financial instruments, ensuring that we continue to provide our customers with more competitive products and services", Mr. Luswili said.
With a strong long-term credit rating, ZICB has been recognised as a reliable and well capitalised financial institution, reflecting a solid financial position and exceptional leadership team. Since becoming profitable within just three years of operations, the Bank has achieved remarkable growth, with profitability rising from ZMW 3.9 million Profit Before Tax in 2021 to over ZMW 50 million in 2024, delivering a remarkable and significant growth.
This achievement is testament to the unwavering support of the Bank's shareholders, Board of Directors, dedicated staff, and loyal customers who, collectively, have been instrumental to this success.
The following clients have been rated annually in the greater period since 2015:
Zanaco Bank PLC
First National Bank Zambia
Cavmont Bank
Indo-Zambia Bank
Zambia National Building Society
Entepreneurs Financial Centre
Real Estate Investments Zambia PLC (REIZ)
Currently, about to engage Access Bank.
The Board and Management of PRS announced the AA long term credit rating for Zambia National Commercial Bank Plc (Zanaco) on 14th October 2015. Following a rigorous credit rating assignment, CRA (then) arrived at the rating which was valid from 1 September 2015 to 31 August 2016. The release of the rating was held at a colourful official launch ceremony for CRA at the Pamodzi Hotel, Lusaka. The ceremony was attended by a cross-section of the business community in Zambia, industry regulators and senior Government officials.
From left to right: Zanaco CEO Mr. Bruce Dick, Zanaco Chairperson Ms. Charity Lumpa, Zanaco Board Member Mr. Hastings Mtine, Securities and Exchange Commission Chairman Mr. Chintu Mulendema and CRA CEO Mr. Wilson Kalumba.
Commending Zanaco on the rating, Finance Minister Alexander Chikwanda in a speech read for him by Permanent Secretary in charge of budget and economic affairs, Pamela Kabamba, said the advent of credit ratings in Zambia holds a lot of promise for the country. "As Government, we look forward to the time credit ratings become a way of life in all three segments of the financial sector - capital markets regulated by the Securities and Exchange Commission (SEC), banks regulated by the Bank of Zambia (BOZ), and Pensions and Insurance companies regulated by the Pensions and Insurance Authority (PIA). Ratings have the potential to improve market efficiency and financial stability in all three segments of the financial sector. I recognize Zanaco as the first bank to be rated in Zambia. This move is a strong demonstration of market leadership - Zanaco is yet again ahead of its class!", he said.
Applauding Zanaco on the rating, Securities and Exchange Commission Chairman, Mr Chintu Mulendema said the subject matter of improving governance and investor protection in the Zambian capital market has been at the core of the Commission's vision. "Credit rating is an important source of information for capital markets investors and therefore credit rating agencies have an important role in promoting good governance and investor protection in our markets", he said. Mr Mulendema applauded Zanaco for being rated by an indigenous entity and being market leaders in fostering the cultural change that recognizes local business entities.
Speaking at the event, CRA Chief Executive Officer Mr. Wilson Kalumba explained the role of CRA as that of addressing the gap that has long existed in the Zambian economy - the measurement of credit risk, as well as providing independent and credible market information that can guide investment and credit decisions. He further explained that in rating the Bank, the Agency considered the key rating factors such as the Bank's market position including its franchise value, economic environment, regulatory environment, corporate governance, risk management and control, and financial profile. Mr Kalumba commended the bank for being the first bank in Zambia to be rated.
Commenting on the rating, Zanaco Managing Director, Mr Bruce Dick said the rating marks an important milestone in the history of the Bank and the banking industry as a whole in Zambia. He further said that the Board and Management were proud of the rating because it is a positive indication and reaffirmation of what the Bank stands for. He also mentioned that the rating solidifies the Bank's commitment to making a lasting contribution to the growth of the Zambian economy. "The rating is a proud moment for us because of many reasons. It does not only signify our leadership role in innovation and trendsetting in the banking industry in Zambia, it also shows that we want to make a meaningful contribution to the wellbeing of the economy of Zambia as a strong and reliable institution. The Zambian Government has already shown leadership by obtaining sovereign ratings in 2010 from the big three rating agencies - Standard and Poors and Fitch (solicited ratings), and Moodys (unsolicited rating) and we are setting the trend for other corporate organisations. More importantly, it is a proud moment for us because we are cementing our Visions and Mission of banking bankable unbanked Zambians in rural and urban Zambia. The benefits of our rating that we will pass on to our customers are enormous and this is exciting," he said.
Industry Sector Analysis
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Agriculture
Tourism
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Infrastructure
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Some sub-sector analyses are readily available, while others can be prepared by CRA on request. Contact us at info@premier-ratings.com
The sector analysis reports contain useful information on industry statistics, industry trends, industry risk assessments, industry life cycle, major participants, profitability margins, competitive dynamics and business/credit outlook.
A major source of primary data is the sector profiles produced by the Zambia Development Agency and Ministry of Commerce.
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