Johannesburg, 2 April 2014 — Global Credit Rating Co. (Pty) Ltd (‘GCR’) has accorded a final, public short term ‘A1+(ZA)(sf)’ rating to the following debentures issued by iNguza Investments (RF) Limited (the ‘Issuer’) on 20 August 2013:
• R50m Senior Secured Floating Rate Notes due 8 May 2014, stock code ING221 (the ‘ING221 Tap Issuance Notes’).
Concurrently GCR has affirmed the final, public short term ‘A1+(ZA)(sf)’ credit rating to the following debentures issued on 2 August 2013 by iNguza Investments:
• R150m Senior Secured Floating Rate Notes due 8 May 2014, stock code ING221 (the ‘ING221 Existing Notes’).
The ING221 Tap Issuance Notes and the ING221 Existing Notes (collectively the ‘ING221 Notes’) were issued under the iNguza Investments Note Programme administered by Rand Merchant Bank (‘RMB’) a division of FirstRand Bank Limited. The ING221 Notes reference a term loan to a South African corporate. The rating accorded to the ING221 Notes looks through to the short term credit rating accorded to the borrower in terms of the loan agreement. 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 ING221 Notes may also change. As 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. For more information on the transaction please read the iNguza Investments ING221 Transaction Report published on 2 April 2014.
+27 11 784 1771
Head of Structured Finance
+27 11 784 1771
APPLICABLE METHODOLOGIES AND RELATED RESEARCH
Global Credit-Linked Note and Repackaging Vehicle Rating Criteria.
Global Master Criteria for Rating Corporate Entities.
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