Announcements Rating Alerts Structured Finance

Commissioner Street No. 4 (RF) Ltd: Ratings Withdrawn of the Class A5 Notes and Class A6 Notes following Full Capital Redemption.

Rating Action

Johannesburg, 12 July 2019 – GCR Ratings (“GCR”) has withdrawn the long-term national scale credit ratings accorded to the following Notes issued by Commissioner Street No. 4 (RF) Ltd (the “Issuer”) under the Metro Funding Series 2011-1 pursuant to the Commissioner Street Collateralised Note Programme, following the full capital redemption thereof:

Security Class Stock Code Amount Outstanding Rating class Rating scale Rating Outlook
Class A5 Notes MEFSB5 R nil Issue Long Term National WD(ZA)(sf) N/A
Class A6 Notes MEFSA6 R nil Issue Long Term National WD(ZA)(sf) N/A

Analytical Contacts

Primary analyst Corné Els Senior Structured Finance Analyst
Johannesburg, ZA CorneE@GCRratings.com +27 11 784 1771
     
Secondary analyst Tinashe Mujuru Structured Finance Analyst
Johannesburg, ZA Tinashem@GCRratings.com +27 11 784 1771
     
Committee chair Yohan Assous Sector head: Structured Finance Ratings
Johannesburg, ZA Yohan@GCRratings.com +27 11 784 1771

Related Criteria and Research

Global Master Structured Finance Rating Criteria, updated September 2018
Global Credit-Linked Note and Repackaging Vehicle Rating Criteria, updated November 2018
Rating Scales Symbols and Definitions, May 2019
Commissioner Street No. 4 (RF) Ltd Ratings Announcement and Report, February 2019
Absa Bank Ltd Financial Institution Rating Report, May 2018

Ratings History

Commissioner Street No. 4 (RF) Ltd

Security class Stock code Review Rating Class Rating scale Rating Outlook Date
Class A5 Notes MEFSB5 Initial Issue Long Term National AA-(ZA)(sf) Stable Nov. 2011
    Last Issue Long Term National AA+(ZA)(sf) Stable Feb. 2019
Class A6 Notes MEFSA6 Initial Issue Long Term National AA-(ZA)(sf) Stable Nov. 2011
    Last Issue Long Term National AA+(ZA)(sf) Stable Feb. 2019

Glossary

Capital The sum of money that is invested to generate proceeds.
Collateral Asset provided to a creditor as security for a loan or performance.
Credit Rating An opinion regarding the creditworthiness of an entity, a security or financial instrument, or an issuer of securities or financial instruments, using an established and defined ranking system of rating categories.  
Credit A contractual agreement in which a borrower receives something of value now, and agrees to repay the lender at some date in the future, generally with interest. The term also refers to the borrowing capacity of an individual or company
Rating Outlook See GCR Rating Scales, Symbols and Definitions.
Redemption The repurchase of a bond at maturity by the issuer.
Security One of various instruments used in the capital market to raise funds.
Stock Code A unique code allocated to a publicly listed security.

SALIENT POINTS OF ACCORDED RATINGS

GCR affirms that a.) no part of the ratings were influenced by any other business activities of the credit rating agency; b.) the ratings were based solely on the merits of the rated entity, security or financial instrument being rated; c.) such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument; and d.) the validity of the ratings are for a maximum of 12 months, or earlier as indicated by the applicable credit rating document.

The credit ratings have been disclosed to the Issuer and Administrator. The ratings above were solicited by, or on behalf of, the Issuer, and therefore, GCR has been compensated for the provision of the ratings.

The Issuer participated in the rating process via face-to-face management meetings, teleconferences and/or other written correspondence. Furthermore, the quality of information received was considered adequate and has been independently verified where possible. The information received from the Issuer and other reliable third parties to accord the credit ratings included:

  • Redemption of Securities letter issued by the JSE, dated 03 July 2019.
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