Global Credit Ratings (GCR) has upgraded Oryx Properties Limited’s national scale ratings to BBB+(NA)/A2(NA) with a stable outlook, reflecting the company’s strengthened financial position and successful implementation of its growth strategy. The ratings’ upgrade comes as Oryx Properties continues to demonstrate robust performance in the domestic property market, with its portfolio value growing significantly from N$2.8 billion in 2022 to N$4.2 billion as of December 2024.
A stronger rating indicates lower risk, potentially leading to reduced funding costs, which is a critical advantage in the property sector.
“This ratings’ upgrade reflects our successful expansion strategy, improved portfolio quality and sound financial management,” says Ben Jooste, chief executive officer of Oryx Properties.
“We’ve grown our property portfolio to N$4.2 billion, while maintaining conservative gearing and strengthening our performance metrics. The vacancy rate has fallen to just 2.0%, with rental reversions improving to 9.1% in the first half of FY2025.”
Jooste highlighted some of the key performance areas, including the increased portfolio value, exceeding operating income target with 26.4% increase to N$451.2 million, maintaining the Loan-to-Value (LTV) ratio below 40% despite ambitious growth and reducing the vacancy rate from 4.2% to 2.0%
An improved credit rating had substantial benefits for Oryx Properties and its stakeholders. External funders and investors often used these ratings to determine internal credit assessments.
He added: “For investors, the upgrade signifies enhanced stability and financial management, making Oryx a more attractive investment option. The improved rating will also benefit the company’s corporate bond issuances, potentially securing better pricing for unsecured debt listed on the stock exchange.”
GCR’s assessment specifically highlighted Oryx’s increased and improved portfolio quality and excellent execution of its growth strategy, validating management’s strategic direction and operational capabilities.
Oryx stated that the upgrade to BBB+(NA)/A2(NA) reflects the company’s continued commitment to maintaining a strong balance-sheet while pursuing strategic growth opportunities in the Namibian market.
“This achievement demonstrates our commitment to creating sustainable value for stakeholders, while pursuing strategic growth in the Namibian property market,” Jooste added.