The Thekwini Fund 11 (RF) Limited – Extension of ‘Under Review’

15 May 2018 In Market Alerts

The Thekwini Fund 11 (RF) Limited – Extension of ‘Under Review’

Johannesburg, 15 May 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 Thekwini Fund 11 (RF) Limited (the “Issuer”):

Class A2 Notes, stock code TH11A2; due 18 July 2041;
AAA(ZA)(sf)
Stable Outlook;
Class A3 Notes, stock code TH11A3; due 18 July 2041;
AAA(ZA)(sf)
Stable Outlook;
Class A5 Notes, stock code TH11A5; due 18 July 2041;
AAA(ZA)(sf)
Stable Outlook;
Class A6 Notes, stock code TH11A6; due 18 July 2041;
AAA(ZA)(sf)
Stable Outlook;
Class A8 Notes, stock code TH11A8; due 18 July 2041;
AAA(ZA)(sf)
Stable Outlook;
Class B1 Notes, stock code TH11B1; due 18 July 2041;
AA+(ZA)(sf)
Positive Outlook;
Class B2 Notes, stock code TH11B2; due 18 July 2041;
AA+(ZA)(sf)
Positive Outlook;
Class B3 Notes, stock code TH11B3; due 18 July 2041;
AA+(ZA)(sf)
Positive Outlook;
Class C1 Notes, stock code TH11C1; due 18 July 2041;
BBB+(ZA)(sf)
Positive Outlook;
Class C2 Notes, stock code TH11C2; due 18 July 2041;
BBB+(ZA)(sf)
Positive Outlook;
Class C3 Notes, stock code TH11C3; due 18 July 2041;
BBB+(ZA)(sf)
Positive Outlook;

The extension of 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 issued under the Issuer’s R4bn Residential Mortgage Backed Securities Programme (the “Programme”). GCR expects to complete the rating review and to publish the Surveillance Report by 31 May 2018. The existing ratings for the Class A, Class B and Class C Notes issued under the Programme continue to be supported by GCR.

 

RATINGS HISTORY

Class of Notes
Initial rating
Long-term rating
Short-term rating
Rating outlook
Class A Notes
29 April 2016
AAA(ZA)(sf)
n.a
Stable
Class B Notes
29 April 2016
AA(ZA)(sf)
n.a
Stable
Class C Notes
29 April 2016
BBB(ZA)(sf)
n.a
Stable
Asset class
Last rating
Long-term rating
Short-term rating
Rating outlook
Class A Notes
28 April 2017
AAA(ZA)(sf)
n.a
Stable
Class B Notes
28 April 2017
AA+(ZA)(sf)
n.a
Positive
Class C Notes
28 April 2017
BBB+(ZA)(sf)
n.a
Positive

ANALYTICAL CONTACTS

Primary Analyst Secondary Analyst
Mark Vrdoljak 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)

Committee Chairperson

Yohan Assous

Sector Head: Structured Finance Ratings

+27 11 784 1771

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

 

 

 

 

 

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