Announcements

GCR accords final ratings and outlooks to the R385mln Class A Notes issued by Bayport Securitisation

Johannesburg –1 December 2011:

GCR accords final ratings and outlooks to the R385mln Class A Notes issued by Bayport Securitisation

Global Credit Ratings (“GCR”) has accorded final ratings and outlooks to the following Class A Notes (the ‘Notes’) issued by Bayport Securitisation (Pty) Ltd (the ‘Issuer’) on 30 November 2011:

1. R100,000,000 Class A floating rate notes, stock code BAYA18, due 30 September 2016: A(RSA)(sf), Outlook Stable.
2. R135,000,000 Class A floating rate notes, stock code BAYA19, due 31 December 2016. A(RSA)(sf), Outlook Stable.
3. R150,000,000 Class A floating rate notes, stock code BAYA20, due 30 September 2014: A(RSA)(sf), Outlook Stable.

Concurrently, GCR has affirmed the ‘A(RSA)(sf)’ ratings and stable outlooks of the R1.8bln Class A Notes already in issue.

The Notes were issued under the Issuer’s R4.4bln Asset Backed Note Programme established in June 2011. In addition to the R385mln Class A Notes, a further R55mln in unrated Class B Notes were also issued on 30 November 2011 (stock code BAYB03). The Issuer is an existing securitisation of personal loans advanced by Bayport Financial Services 2010 (Pty) Ltd (“BFS 2010”) to lower income borrowers residing in South Africa (the ‘Transaction’). The additional R385mln Class A Notes and R55mln Class B Notes have been listed on the Interest Rate Market of the JSE.

BFS 2010 is one of the largest lower income personal loans financiers in South Africa. MBD Accounts Receivables Management (Pty) Ltd acts as the standby administrator and is one of the largest collection agent companies in South Africa. Both parties form part of the broader Transaction Capital group of companies, a privately owned South African diversified financial services group.

For more information on the Transaction, please refer to the new issue report entitled “Bayport Securitisation (Proprietary) Limited”, published in June 2011. The new issue report is available to subscribers of GCR’s structured finance subscription service. Furthermore, surveillance reports relating to the Transaction will be made available on an interim basis. GCR analysed the Transaction by applying its Global Structured Finance Rating Criteria and a tailored stressed collections approach. The criteria report is available for download on the website.

Contacts
Alfons Ideler, Head of Structured Finance, Johannesburg, ideler@globalratings.net, +27 11 784 1771.
Rishentra Naidoo, Credit Analyst – Structured Finance, Johannesburg, rnaidoo@globalratings.net, +27 11 784 1771.

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