Announcements

GCR upgrades the final, public rating of the notes issued by Investec Property Fund Limited to AA-

GCR has upgraded and affirmed the final, public rating of ‘AA-(ZA)(sf)’ with a ‘Stable’ outlook on the R450m Senior Secured Notes (the ‘Notes’) issued by Investec Property Fund Limited (‘IPF’) under its R2bn DMTN Programme established in April 2012.

IPF is a limited liability property loan stock company (‘PLS’) whose mandate is to procure and manage income generative real estate with potential for capital gain. Listed on the JSE in April 2011, the fund owns a range of retail, commercial and industrial properties.

The rating of the Notes is derived by applying a notching up approach, starting from the long term senior unsecured corporate credit rating of the Issuer. Based on the fundamentals and prospects of IPF, GCR upgraded the underlying corporate’s Credit Rating to ‘A-(ZA)/A1(ZA)’ from ‘BBB+(ZA)/A2(ZA)’ on a national scale in November 2012. With regards to the notes, a rating uplift of 3 national scale notches was deemed appropriate for these particular Notes, given the ‘Excellent Recovery Prospects’ of the Notes. GCR has thus upgraded the applicable Notes rating to ‘AA-(ZA)(sf)’ from ‘A(ZA)(sf)’.

For more information on the Transaction and specific details of the Senior Secured Notes, please refer to the surveillance report entitled “Investec Property Fund Limited”, to be published in April 2013. The surveillance report will be available to subscribers of GCR’s structured finance subscription service. GCR analysed the Transaction by applying its Global Structured Finance Rating Criteria, Criteria for Rating Property Funds and its Global Structurally Enhanced Corporate Bonds Rating. The criteria reports are available for download on the website.

Contacts
Emma-Jane Fulcher, Head of Structured Finance, Johannesburg, fulcher@globalratings.net, +27 11 784 1771.
Mark Vrdoljak, Structured Finance, Johannesburg, markvrd@globalratings.net, +27 11 784 1771.

Website: www.globalratings.net

Disclaimer
Note that GCR is not a legal, tax or financial adviser, and only provides a credit opinion of the rated securities. For example, a rating does not cover a potential change in laws nor can it be regarded as an audit. Moreover, GCR is not a party to the transaction documents. Users of our credit ratings should familiarise themselves with all aspects of the Transaction (including the Programme legal opinion), and should form their own views in this respect. They should not rely on GCR for legal, tax or financial advice, and are encouraged to contact the relevant advisers.

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