Announcements Corporate Rating Alerts

GCR withdraws ratings assigned to Accelerate’s Senior Secured APF13 Note

Rating Action

Johannesburg, 1 July 2021 – GCR Ratings (“GCR”) has withdrawn the long-term issue credit ratings assigned to the APF13 Note issued by Accelerate Property Fund Limited (“Accelerate”) following its full capital redemption on its Scheduled Maturity date of 30 June 2021.

Rated Entity / Issue Rating class Rating scale Rating* Outlook / Watch
Senior Secured APF13 Note Long Term Issue National WD(ZA)(EL) n.a

*The Senior Secured Note ratings are based on an estimate of the expected loss in the event of an issuer default and are a function of the estimated probability of default of the issuer and the potential losses that may be incurred. As such, these ratings carry an “(EL)” suffix.

Analytical Contacts

Primary analyst Sheri Morgan Senior Analyst: Corporate Ratings
Johannesburg, ZA Morgan@GCRratings.com +27 11 784 1771
Committee chair Eyal Shevel Sector Head: Corporate Ratings
Johannesburg, ZA Shevel@GCRratings.com +27 11 784 1771

Related Criteria and Research

Criteria for the GCR Ratings Framework, May 2019
GCR Ratings Scales, Symbols & Definitions, May 2019
Criteria for Rating Real Estate Investment Trusts and Other Commercial Property Companies, May 2019
Criteria for Rating Secured Bonds, November 2018

Ratings History

Accelerate Property Fund Limited

Rating class Review Rating scale Rating Outlook/Watch Date
Long Term Issuer Initial National BBB+(ZA) Stable Outlook Feb 2014
Short Term Issuer Initial National A2(ZA)
Long Term Issuer Last National BBB(ZA) Negative Outlook Aug 2020
Short Term Issuer Last National A3(ZA)

Accelerate Property Fund Limited Senior Secured Notes

Stock Code Review Rating scale Rating* Outlook/Watch Date
APF04 Initial National AA-(ZA) Stable Outlook Oct 2016
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF06 Initial National AA-(ZA) Stable Outlook Aug 2017
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF07 Initial National AA-(ZA) Stable Outlook Jun 2018
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF08 Initial National AA-(ZA) Stable Outlook Jul 2018
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF09 Initial National AA-(ZA) Stable Outlook Jul 2018
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF10 Initial National AA-(ZA)(EL) Stable Outlook Oct 2019
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF12 Initial National A(ZA)(EL) Negative Outlook Aug 2020
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF13 Initial National A(ZA)(EL) Negative Outlook Sep 2020
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF14 Initial National A(ZA)(EL) Negative Outlook Sep 2020
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF15 Initial National A(ZA)(EL) Negative Outlook Feb 2021
Last National A(ZA)(EL) Negative Outlook Jun 2021
APF16 Initial National A(ZA)(EL) Negative Outlook Jun 2021
Last National A(ZA)(EL) Negative Outlook Jun 2021

* Structured bond ratings are based on an estimate of the expected loss in the event of an issuer default and are a function of the estimated probability of default of the issuer and the potential losses that may be incurred. As such, the ratings carry an ‘EL’ suffix. The ratings are derived by applying a notching approach, starting from the long-term issuer rating. Should the issuer rating or the estimated recovery rate calculated by GCR change, the ratings assigned to the Senior Secured Notes may also change. Prior to the publication of GCR’s Rating Scales, Symbols and Definitions in May 2019, structured bond ratings did not carry the ‘EL’ suffix.

SALIENT POINTS OF ACCORDED RATINGS

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 Accelerate Property Fund Limited. 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.

Accelerate Property Fund Limited participated in the rating process via face-to-face management meetings, tele-conferences and other written correspondence. Furthermore, the quality of information received was considered adequate and has been independently verified where possible.

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