Announcements Corporate Rating Alerts

GCR withdraws Rebosis Property Fund Limited’s issuer ratings

Rating Action

Johannesburg, 06 November 2020 – GCR Ratings (“GCR”) has withdrawn Rebosis Property Fund Limited’s (“Rebosis”) national scale long term and short-term issuer ratings for business reasons. The ratings are withdrawn without review as no additional analysis was performed. Accordingly, GCR will no longer provide ratings or analytical coverage for Rebosis. The ratings were last reviewed in July 2020.

Rated Entity/Issue Rating class Rating scale Rating Outlook/Watch
Rebosis Property Fund Limited Long Term Issuer National WD
Short Term Issuer National WD

Analytical Contacts

Primary analyst Eyal Shevel Sector Head: Corporate Ratings
Johannesburg, ZA Shevel@GCRratings.com +27 11 784 1771
Committee chair Patricia Zvarayi Deputy Sector Head: Corporate Ratings
Johannesburg, ZA Patricia@GCRratings.com +27 11 784 1771

Related Criteria and Research

Criteria for the GCR Ratings Framework, May 2019
Criteria for Rating Real Estate Investment Trusts and Other Commercial Property Companies, May 2019
GCR’s Country Risk Score report, May 2020
GCR Rating Scales Symbols and Definitions, May 2019
GCR’s Commercial Property Sector Risk Score report, August 2020
GCR places South African commercial property on negative trend as fragile economy continues to drive high asset, liquidity and funding risks, August 2020

Ratings History

Rebosis Property Fund Limited

Rating class Review Rating scale Rating class Outlook/Watch Date
Long Term issuer Initial National A-(ZA) Stable April 2015
Short Term issuer Initial National A1-(ZA)
Long Term issuer Last National D(ZA) na July 2020
Short Term issuer Last National D(ZA)

Glossary

Issuer Ratings See GCR Rating Scales, Symbols and Definitions.
Issuer The party indebted or the person making repayments for its borrowings.
Rating Outlook See GCR Rating Scales, Symbols and Definitions.
Rating Withdrawal See GCR Rating Scales, Symbols and Definitions.

SALIENT POINTS OF ACCORDED RATINGS

GCR affirms that a.) no part of the rating was influenced by any other business activities of the credit rating agency; b.) the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such rating was an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

The credit ratings have been disclosed to Rebosis 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.

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