GCR places ‘Review Extension’ on Transaction Capital Risk Services Proprietary Limited’s servicer quality ratings*
Rating Action
Johannesburg, 22 December 2020 – GCR Ratings (“GCR”) has placed a ‘Review Extension’ on the national scale primary and special servicer quality ratings assigned to Transaction Capital Risk Services Proprietary Limited of SQ1-(ZA) and SQ1(ZA) respectively. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 31 January 2021. The ratings affirmed in the last review are still in effect and remain unchanged until the ratings review process is completed.
*Note that servicer quality ratings are classified as non-credit ratings (refer to GCR’s published rating scales and definitions).
Analytical Contacts
Primary analyst
Simbarake Chimutanda
Financial Institutions Analyst
Johannesburg, ZA
simbarakec@GCRratings.com
+27 11 784 1771
Committee chair
Matthew Pirnie
Group Head of Ratings
Johannesburg, ZA
matthewp@GCRratings.com
+27 11 784 1771
Related Criteria and Research
Global Master Structured Finance Servicer Rating Criteria, February 2018
Criteria for the GCR Ratings Framework, May 2019
Criteria for Rating Financial Institutions, May 2019
Criteria for Rating Financial Services Companies, May 2019
GCR Ratings Scale, Symbols & Definitions, May 2019
GCR Country Risk Scores, November 2020
GCR Financial Institutions Sector Risk Score, August 2020
Ratings History
Transaction Capital Risk Services Proprietary Limited
Rating class
Review
Rating scale
Rating class
Outlook/Watch
Date
Primary servicer
Initial
National
SQ2+(ZA)
Stable
June 2013
Last
National
SQ1-(ZA)
Stable
October 2019
Special servicer
Initial
National
SQ1-(ZA)
Stable
June 2013
Last
National
SQ1(ZA)
Stable
October 2019
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 servicer quality 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 virtual management meetings, teleconferences and other written correspondence.
ALL GCR CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS, TERMS OF USE OF SUCH RATINGS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS, TERMS OF USE AND DISCLAIMERS BY FOLLOWING THIS LINK:HTTP://GCRRATINGS.COM. IN ADDITION, RATING SCALES AND DEFINITIONS ARE AVAILABLE ON GCR’S PUBLIC WEB SITE AT WWW.GCRRATINGS.COM/RATING_INFORMATION. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. GCR's CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THIS SITE.
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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