The South African Securitisation Programme (RF) Limited – Series 1 & 2 –  Ratings Under Review’

05 Nov 2018 In Market Alerts

The South African Securitisation Programme (RF) Limited – Series 1 & 2 –  Ratings Under Review’


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Johannesburg, 5 November 2018—Global Credit Ratings (“GCR”) has extended the ‘Under Review’ status applicable to the final, public long-term credit ratings accorded to the following Classes of Notes issued by The South African Securitisation Programme (RF) Limited – Series 1 (the “Issuer”):

Class A21 Notes, stock code ERSA21; due 17 August 2020;
AAA(ZA)(sf)
Stable Outlook;
Class A22 Notes, stock code ERSA22; due 17 May 2019;
AAA(ZA)(sf)
Stable Outlook;
Class A23 Notes, stock code ERSA23; due 17 August 2019;
AAA(ZA)(sf)
Stable Outlook;
Class A24 Notes, stock code ERSA24; due 17 August 2020;
AAA(ZA)(sf)
Stable Outlook;
Class A25 Notes, stock code ERSA25; due 17 August 2022;
AAA(ZA)(sf)
Stable Outlook;
Class B4 Notes, stock code ERS3B4; due 17 August 2019;
A(ZA)(sf)
Stable Outlook;
Class B5 Notes, stock code ERS3B5; due 17 May 2019;
A(ZA)(sf)
Stable Outlook;
Class C4 Notes, stock code ERS3C4; due 17 August 2019;
BBB(ZA)(sf)
Stable Outlook;
Class C5 Notes, stock code ERS3C5; due 17 May 2019;
BBB(ZA)(sf)
Stable Outlook.

Subsequently, GCR has today placed the final, public long-term credit ratings accorded to the following Classes of Notes issued by The South African Securitisation Programme (RF) Limited – Series 2, Under Review:

Class A2 Notes, stock code LRFA2; due 20 November 2019;
AA(ZA)(sf)
Stable Outlook;
Class B2 Notes, stock code LRFB2; due 20 November 2019;
A(ZA)(sf)
Stable Outlook;
Class C2 Notes, stock code LRFC2; due 20 November 2019;
BBB(ZA)(sf)
Stable Outlook;

The ‘Under Review’ process is to allow for a time extension of the ratings and is not linked to the performance of the above-mentioned Notes. The extension is to allow GCR additional time to simultaneously apply its newly published Global Master Structured Finance Rating Criteria, updated September 2018, its Global Consumer Asset Backed Securitisation (ABS) Rating Criteria, updated September 2018 and its Research Piece which introduces GCR’s new Asset-Backed Securities (“ABS”) Cash Flow Model, to the three Series of The South African Securitisation Programme (RF) Limited. GCR expects to complete its review of the Transactions by 13 December 2018.

The review of the ratings accorded to The South African Securitisation Programme (RF) Limited – Series 3 Notes which is due on/before the 13th of December 2018 has not been placed under review, given this is in line with the expected date of completion.

RATINGS HISTORY

Class of Notes – Series 1
Initial rating
Initial rating
Initial rating outlook
Last LT rating
Last LT rating
Last rating outlook
Class A Notes
17 December 2015
AAA(ZA)(sf)
Stable
15 March 2018
AAA(ZA)(sf)
Stable
Class B Notes
17 December 2015
A(ZA)(sf)
Stable
15 March 2018
A(ZA)(sf)
Stable
Class C Notes
17 December 2015
BBB(ZA)(sf)
Stable
15 March 2018
BBB(ZA)(sf)
Stable
Class of Notes – Series 2
Initial rating
Initial rating
Initial rating outlook
Last LT rating
Last LT rating
Last rating outlook
Class A Notes
21 November 2016
AA(ZA)(sf)
Stable
20 June 2018
AA(ZA)(sf)
Stable
Class B Notes
21 November 2016
A(ZA)(sf)
Stable
20 June 2018
A(ZA)(sf)
Stable
Class C Notes
21 November 2016
BBB(ZA)(sf)
Stable
20 June 2018
BBB(ZA)(sf)
Stable

ANALYTICAL CONTACTS

Corné Els Tinashe Mujuru
Senior Structured Finance Analyst Structured Finance Analyst
+27 11 784 1771 +27 11 784 1771
.(JavaScript must be enabled to view this email address) .(JavaScript must be enabled to view this email address)

Yohan Assous

Sector Head: Structured Finance Ratings

+27 11 784 1771

.(JavaScript must be enabled to view this email address)

 

 

 

 

 

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