Announcements Rating Alerts Structured Finance

GCR extends the ‘Review Extension’ for the ratings of the various Classes of Notes issued by Nitro Securitisation 6 (RF) Limited

Rating action

Johannesburg, 2 October 2020 – GCR Ratings (“GCR”) has extended ‘Review Extension’ period of the following national scale long-term issue credit ratings of the Notes issued by Nitro Securitisation 6 (RF) Limited (“Nitro 6”).

Notes Class Rating Class Rating Scale Rating Outlook/Watch
Class C (N6C26) Long-term issue National AAA(ZA)(sf) Stable Outlook
Class D (N6D26) Long-term issue National AA-(ZA)(sf) Stable Outlook
Class E (N6E26) Long-term issue National BBB+(ZA)(sf) Stable Outlook
Class F (N6F26) Long-term issue National BB+(ZA)(sf) Stable Outlook

The Class G Notes issued by Nitro 6 are unrated.

The ‘Review Extension’ is not a function of the transaction’s performance. Rather, the ‘Review Extension’ allows for a time extension of the review of the ratings. GCR deems this extension to be necessary in order to conduct analysis on additional data that is relevant to changes that may be occurring in the performance of the underlying Instalment Sale Agreements. GCR expects to complete its review of the transaction once such analysis has been performed. GCR expects to publicly release the updated rating results by the end of October 2020.

Analytical Contacts

Primary analyst Yehuda Markovitz Structured Finance and Securitisation Analyst
Johannesburg, ZA YehudaM@GCRratings.com +27 11 784 1771
Secondary analyst Corne Els Structured Finance and Securitisation Analyst
Johannesburg, ZA CorneE@GCRratings.com +27 11 784 1771

Ratings History

Notes Class Review Rating Scale Rating Outlook/Watch Date
Class C (N6C26) Initial National AAA(ZA)(sf) Stable Outlook April 2018
Last National AAA(ZA)(sf) Stable Outlook May 2019
Class D (N6D26) Initial National AA-(ZA)(sf) Stable Outlook April 2018
Last National AA-(ZA)(sf) Stable Outlook May 2019
Class E (N6E26) Initial National BBB+(ZA)(sf) Stable Outlook April 2018
Last National BBB+(ZA)(sf) Stable Outlook May 2019
Class F (N6F26) Initial National BB+(ZA)(sf) Stable Outlook April 2018
Last National BB+(ZA)(sf) Stable Outlook May 2019

Source: GCR

SALIENT POINTS OF ACCORDED RATING

GCR affirms that a.) no part of the ratings process was 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; and c.) such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

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

The rated entity participated in the rating process via face-to-face management meetings, teleconferences and other written correspondence.

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