Global Credit Ratings Co. has accorded indicative, public long term credit ratings of ‘A(ZA)(sf)’ to the Class A Notes and ‘BBB(ZA)(sf)’ to the Class B Notes that will be issued by Nyati Securitisation (1) (RF) Limited.
GCR has accorded indicative, public long term credit ratings to the following senior notes (collectively the ‘Notes’) to be issued in May 2013 by Nyati Securitisation (1) (RF) Limited (‘Nyati’):
ZAR 262,500,000 Floating Rate Amortising Class A Notes, with final legal maturity in May 2020…….….… A(ZA)(sf).
ZAR 35,000,000 Floating Rate Amortising Class B Notes, with final legal maturity in May 2020………….. BBB(ZA)(sf).
The Notes will start amortising quarterly following an 18 month Revolving Period. Nyati will be a new securitisation of personal loans originated by Real People (Pty) Limited (‘Real People’) through its merchant distribution channel and advanced to debtors residing in South Africa. The Transaction will entail the listing of the notes on the Johannesburg Stock Exchange. Real People is a wholly owned subsidiary of Real People Investment Holdings Group (‘RPIH’). RPIH is one of the largest non-bank financial institutions in South Africa. Real People offers an array of credit-linked financial products to individuals throughout South Africa and in East Africa.
For more information, please read the Nyati Securitisation 1 (RF) Limited – 2013 Securitisation Prefunding Report published on 19 April 2013. The Prefunding Report is available to subscribers of GCR’s structured finance subscription service. GCR analysed the Transaction by applying its Global Structured Finance Rating Criteria and a tailored stressed collections approach. The criteria report is available for download on the website.
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. The cash flow model calculations made, are based on information presented, numerous input variables and modelling assumptions which may prove (very) different in a positive or negative way in real life. Moreover, GCR is not a party to the transaction documents nor does it provide legal, tax or structuring advice. Users of our credit ratings should familiarise themselves with the Transaction (including the legal and tax 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.
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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