GCR places Premium Property’s national scale ratings ‘Under Review’
Johannesburg, 28 Aug 2014 — Global Credit Ratings has today placed Premium Properties Limited’s (“Premium”) national scale ratings of A-(ZA) and A1-(ZA) in the long and short term respectively under review.
The rating process has been delayed by the acquisition of Premium by Octodec Investments Limited (“Octodec”). Accordingly, Premium will now be a wholly owned subsidiary of Octodec.
As a result of the acquisition, at the completion of the rating process GCR expects to withdraw the long and short term unsecured corporate ratings accorded to Premium and in their place accord long and short term unsecured corporate ratings to Octodec. It is not anticipated that this will have a negative impact on the current Premium ratings.
GCR is far advanced with the process and expects to release the updated ratings by 20 September 2014.
NATIONAL SCALE RATINGS HISTORY
Initial rating (Aug/2011)
Long term: BBB+(ZA); Short term A2(ZA);
Last rating (Aug/2013)
Long term: A-(ZA); Short term: A1-(ZA);
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.
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