Announcements

ING210 Notes issued by iNguza Investments (Proprietary) Limited

Global Credit Ratings has accorded a final, public short term ‘A1+(ZA)(sf)’ rating to the ING210 Notes issued by iNguza Investments (Proprietary) Limited.

GCR has accorded a final, public short term ‘A1+(ZA)(sf)’ rating to the following debentures issued by iNguza Investments (Proprietary) Limited (the ‘Issuer’) on 12 April 2013:

R150m Senior Secured Floating Rate Notes due 12 July 2013, stock code ING210.

The ING210 Notes were issued under the iNguza Investments Note Programme administered by Rand Merchant Bank (‘RMB’). The ING210 Notes reference a term loan to a South African corporate (the ‘Borrower’). The rating of the Notes is derived from the short term credit rating accorded to Borrower. The rating accorded to the Notes relates to timely payment of interest and principal. If the ratings accorded to the Borrower changes, the rating of the Notes may also change. RMB performs several supportive functions to the iNguza Investments Note Programme (including being Account Bank, Swap Counterparty and Administrator), the rating of the Notes thus may also change if the rating of RMB is not considered to be of sufficient credit quality anymore and no appropriate remedial action is undertaken when necessary. The rating excludes an assessment of the Issuer to pay any (early repayment) penalties. The rating of the Notes relies on FirstRand Bank providing liquidity at the Notes’ maturity to repay principal in full. GCR analysed the transaction by applying its Global Structured Finance Rating Criteria and a credit linked notes approach. For more information on the iNguza Programme, please read GCR’s report on this programme issued in September 2009, as well as the ING210 Transaction Rating Report published on 22 April 2013.

Contacts
Emma-Jane Fulcher, Head of Structured Finance, Johannesburg, fulcher@globalratings.net, +27 11 784 1771.
Tinashe Nyautore, Structured Finance, Johannesburg, nyautore@globalratings.net, +27 11 784 1771.

Website: www.globalratings.net

Disclaimer
Note that GCR is not a legal, tax or financial adviser, and only provides a credit opinion of the rated securities. For example, a rating does not cover a potential change in laws nor can it be regarded as an audit. Moreover, GCR is not a party to the transaction documents. Users of our credit ratings should familiarise themselves with all aspects of the Transaction (including the Programme legal opinion), and should form their own views in this respect. They should not rely on GCR for legal, tax or financial advice, and are encouraged to contact the relevant advisers.

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