GCR withdraws the rating of the Class A1 Notes issued by Fox Street 7 (RF) Ltd following their full capital redemption
Rating Action
Johannesburg, 30 June 2021 – GCR Ratings (“GCR”) has withdrawn the credit ratings of the Class A1 Notes, which were redeemed in full on 20 May 2021. While no updated analysis has been conducted by GCR on the ratings of the remaining rated Classes of Notes (Class A2, Class A3 and Class B1) concurrently with this withdrawal, their ratings, as accorded at GCR’s last rating surveillance of 10 December 2020, remain valid. These ratings are due for review by December 2021.
Notes Class
Principal Outstanding
Rating Class
Rating Scale
Credit Rating
Outlook/Watch
Class A1 (FS7A1)
R0
Issue Long Term
National
WD(sf)
–
Class A2 (FS7A2)
R359,188,263
Issue Long Term
National
AAA(ZA)(sf)
Stable Outlook
Class A3 (FS7A3)
R400,000,000
Issue Long Term
National
AAA(ZA)(sf)
Stable Outlook
Class B1 (FS7B1)
R60,000,000
Issue Long Term
National
AAA(ZA)(sf)
Stable Outlook
The transaction has a Subordinated Loan of R179.6m, which is unrated.
The Credit Ratings accorded to the Class A Notes relate to timely payment of interest and ultimate payment of principal
by their Final Redemption Date, whilst the ratings on the other Class B Notes relate to ultimate payment of interest and
ultimate payment of principal by their Final Redemption Date. The ratings exclude an assessment of the ability of the
Issuer to pay either any (early repayment) penalties or any default interest rate penalties.
Analytical Contacts
Primary analyst
Yehuda Markovitz
Senior Structured Finance and Securitisation
Analyst
Johannesburg, ZA
YehudaM@GCRratings.com
+27 11 784 1771
Secondary analyst
Kyle Bales
Structured Finance and Securitisation Analyst
Johannesburg, ZA
KyleB@GCRratings.com
+27 11 784 1771
Related Criteria and Research
Criteria for Rating Structured Finance Transactions, Sep ‘18
Criteria for Rating Residential Mortgage-Backed Securities (“RMBS”) – Nov ’18
Criteria for Rating Financial Institutions, May ‘19
Credit Rating Report For Fox Street 7 (RF) Ltd, Nov 2019
Ratings History
Notes Class
Review
Rating Scale
Rating
Outlook/Watch
Date
Class A1(FS7A1)
Initial
National
AAA(ZA)(sf)
Stable Outlook
Nov. 2019
Last
National
AAA(ZA)(sf)
Stable Outlook
Dec. 2020
Class A2 (FS7A2)
Initial
National
AAA(ZA)(sf)
Stable Outlook
Nov. 2019
Last
National
AAA(ZA)(sf)
Stable Outlook
Dec. 2020
Class A3 (FS7A3)
Initial
National
AAA(ZA)(sf)
Stable Outlook
Nov. 2019
Last
National
AAA(ZA)(sf)
Stable Outlook
Dec. 2020
Class B1 (FS7B1)
Initial
National
AAA(ZA)(sf)
Stable Outlook
Nov. 2019
Last
National
AAA(ZA)(sf)
Stable Outlook
Dec. 2020
Salient Points of Accorded Ratings
GCR affirms that a.) no part of the rating is influenced by any other business activities of the credit rating agency; b.) the ratings are based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such ratings are an independent evaluation of the risks and merits of the rated entity, security or financial instrument.
The credit ratings have been disclosed to the issuer. The rating was solicited by, or on behalf of, the Issuer, and, therefore, GCR has been compensated for the provision of the ratings. The issuer participated in the rating process verbal and written correspondence. Furthermore, the quality of information received was considered adequate and has been independently verified where possible.
The information received from the issuer and other reliable third parties to accord the credit rating included:
SENS Announcement – Partial Redemption of the Notes FS7A1 & FSA2 – Fox Street 7 (RF) Limited – 20 May 2021
Investor Report – 20 May 2021
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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