GCR extends the ‘Review Extension’ for the ratings of the various Classes of Notes issued by Nitro Securitisation 6 (RF) Limited
Johannesburg, 31 July 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”).
Class C (N6C26)
Class D (N6D26)
Class E (N6E26)
Class F (N6F26)
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 receive additional data and conduct analysis that is relevant to changes that may be occurring in the performance of the underlying Instalment Sale Agreements and to assess the effect on the transaction of payment holidays granted to some Borrowers in response to the Covid-19 crisis. GCR expects to complete its review of the transaction once such analysis has been performed. GCR originally expected that this further analysis would be complete by the end of July and therefore issued a Market Alert on 13 May for ‘Review Extension’ to that date. However, more time is required. GCR expects to publicly release the updated rating results by the end of September 2020.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCR’S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCR’S OPINIONS INCLUDED IN GCR’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCR’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCR’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCR’S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCR’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.