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Johannesburg, 1 July 2021 – GCR Ratings (“GCR”) has withdrawn the long-term issue credit ratings assigned to the APF13 Note issued by Accelerate Property Fund Limited (“Accelerate”) following its full capital redemption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