The Thekwini Fund 12 (RF) Limited – Extension of ‘Under Review’

15 May 2018 In Market Alerts

The Thekwini Fund 12 (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 12 (RF) Limited (the “Issuer”):

Class A1 Notes, stock code TH12A1; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A2 Notes, stock code TH12A2; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A3 Notes, stock code TH12A3; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A4 Notes, stock code TH12A4; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A5 Notes, stock code TH12A5; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A6 Notes, stock code TH12A6; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A7 Notes, stock code TH12A7; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A8 Notes, stock code TH12A8; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A9 Notes, stock code TH12A9; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A10 Notes, stock code T12A10; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A11 Notes, stock code T12A11; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook;
Class A12 Notes, stock code T12A12; due 21 February 2048;
AAA(ZA)(sf)
Stable Outlook.
Class B1 Notes, stock code TH12B1; due 21 February 2048;
AA(ZA)(sf)
Positive Outlook;
Class B2 Notes, stock code TH12B2; due 21 February 2048;
AA(ZA)(sf)
Positive Outlook;
Class B3 Notes, stock code TH12B3; due 21 February 2048;
AA(ZA)(sf)
Positive Outlook;
Class B4 Notes, stock code TH12B4; due 21 February 2048;
AA(ZA)(sf)
Positive Outlook;
Class C1 Notes, stock code TH12C1; due 21 February 2048;
BBB(ZA)(sf)
Positive Outlook;
Class C2 Notes, stock code TH12C2; due 21 February 2048;
BBB(ZA)(sf)
Positive Outlook;
Class C3 Notes, stock code TH12C3; due 21 February 2048;
BBB(ZA)(sf)
Positive Outlook;
Class C4 Notes, stock code TH12C4; due 21 February 2048;
BBB(ZA)(sf)
Positive Outlook.

The ‘Under Review’ process is to allow for a time extension of the ratings and is not linked to the performance of the 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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