Announcements

Hospitality Property Fund (RF) Limited – Ratings Under Review

Johannesburg, 16 February 2018 — Global Credit Ratings (“GCR”) has placed the final, public ratings of the following Senior Secured Notes issued by Hospitality Property Fund Limited (“HPF” or “the Issuer”), under the Issuer’s Domestic Medium Term Note (“DMTN”) Programme, under review:

  • R60m, Senior Secured Floating Rate Notes, stock code HPF06, due 20 February 2020: .……………..….……. ‘A+(ZA)’, Outlook Stable.
  • R150m, Senior Secured Floating Rate Notes, stock code HPF09, due 15 April 2019: .……………….………….. ‘A+(ZA)’, Outlook Stable.
  • R600m, Senior Secured Floating Rate Notes, stock code HPF10, due 17 February 2018: .…………………….. ‘A+(ZA)’, Outlook Stable.

The ratings have been placed under review to allow for the settlement of the HPF10 Notes in accordance with the Business Day Convention set out in the Transaction Documents and a full analysis of the Transaction in light of the Issuer’s intention to issue new Notes to refinance the HPF10 Notes on their settlement date of 19 February 2018. GCR is currently in the process of conducting and finalising its rating analysis in respect of the new Notes to be issued on 19 February 2018 and as such, the placing of the above ratings under review does not reflect on the performance of the Transaction or the recovery prospects of the abovementioned notes. The ratings will be finalised and communicated by GCR on 19 February 2018, subject to receipt of the final signed APS and legal opinion in respect of the new Notes.

RATINGS HISTORY

Stock code
Initial rating
Long-term rating
Rating outlook
HPF06
18 February 2015
A(ZA)
Stable
HPF09
18 April 2016
A(ZA)
Stable
HPF10
16 February 2017
A+(ZA)
Stable
Stock code
Last rating
Long-term rating
Rating outlook
HPF06
16 February 2017
A+(ZA)
Stable
HPF09
16 February 2017
A+(ZA)
Stable
HPF10
16 February 2017
A+(ZA)
Stable

ANALYTICAL CONTACTS

Primary Analyst Secondary Analyst
Tinashe Mujuru Yehuda Markovitz
Structured Finance Analyst Structured Finance Analyst
+27 11 784 1771 +27 11 784 1771
tinashem@globalratings.net yehudam@globalratings.net

Committee Chairperson

Yohan Assous

Sector Head: Structured Finance Ratings

+27 11 784 1771

yohan@globalratings.net

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