Track record
Rating outcomes that strengthened our clients’ access to capital.
A selection of recent mandates, including transactions led by members of the ALPHA team over the past 12 months. Professional references are available on request.
Valterra Platinum
BBB- from S&P, three notches above the South African sovereign
A platinum group metals producer whose cash flow comes entirely from South Africa, with single-mine concentration and jurisdictional constraints. Top-tier banks had advised that an investment-grade outcome was not achievable.
The credit narrative proved the deep-cycle resilience of the core cash flows and addressed the concentration and jurisdictional constraints head-on in the agency’s own analytical language.
An inaugural BBB- from S&P in December 2025 – investment grade, three notches above the sovereign rating.
Africa Specialty Risks
A3 (Moody’s) / A- (Fitch), after an initial seven-notch uplift to Baa1 / BBB above blended sovereign exposure
A specialty reinsurer with capital of only $50m, gross written premium / insurance revenue of $74m and a limited two-year operating track record, with a blended African sovereign exposure rated B2/B.
We positioned the group’s capital strength and risk framework to achieve a rating far above its blended sovereign exposure, and have continued to support the group through its subsequent rating reviews.
An initial Baa1 (Moody’s) / BBB (Fitch) with a positive outlook – the highest corporate rating in Africa – since upgraded to A3 and A- respectively.
Sibanye-Stillwater
Upgraded by S&P to BB stable from BB- negative
Commodity-price pressure across the group’s PGM and gold operations, with a negative outlook at S&P and outlook risk at Moody’s and Fitch.
Navigated the commodity-price narrative with all three agencies, securing a direct upgrade from S&P while stabilising the outlooks at Moody’s (Ba2) and Fitch (BB).
A highly optimised credit profile that contributed to a $500m bond issuance in May 2026 – more than five times oversubscribed.
Unity Trust Bank
Investment grade BBB- from Fitch
A UK bank with a concentrated, small-scale profile: a 2025 revenue base of £95m and a small capital base, both constraints under the agency’s methodology.
Positioned the bank’s strong asset quality and niche social-lending franchise to mitigate the agency’s scale and concentration concerns.
An investment-grade BBB- rating with Fitch.
Wider experience
Credits our team has advised, in current and prior roles
- Uniper
- EPH
- Redexis
- MAG
- Prologis
- Bilfinger
- EE
- Vermaat
- Debenhams
- Four Seasons
- F1
- Premier Foods
- EMH Group
- French State
- Kering
- Vodafone
- Diageo
- MAG
What is achievable for you?
We set clear and realistic expectations from the outset, starting with a free initial consultation – an objective view of the potential outcome, timing and the resources required.