South African Securitisation Programme (RF) Limited Series 1 – Ratings ‘Under Review’
Johannesburg, 28 February 2018 — Global Credit Ratings (“GCR”) has today placed the final, public long-term credit ratings accorded to the following securities issued by the South African Securitisation Programme (RF) Limited Series 1 (the “Issuer” or “SASP Series 1”) under review:
R182.0m, Class A17, stock code ERSA17, interest at 3M JIBAR + 1.39%, due 17 November 2025: .…………………. ‘AAA(ZA)(sf)’, Outlook Stable.
R177.0m, Class A20, stock code ERSA20, interest at 3M JIBAR + 1.50%, due 17 November 2025: ..………………… ‘AAA(ZA)(sf)’, Outlook Stable.
R155.0m, Class A21, stock code ERSA21, interest at 3M JIBAR + 1.84%, due 17 November 2025: ..………………… ‘AAA(ZA)(sf)’, Outlook Stable.
R178.0m, Class A22, stock code ERSA22, interest at 3M JIBAR + 1.75%, due 17 November 2025: ………….………. ‘AAA(ZA)(sf)’, Outlook Stable.
R230.0m, Class A23, stock code ERSA23, interest at 3M JIBAR + 1.75%, due 17 November 2025: ……….…………. ‘AAA(ZA)(sf)’, Outlook Stable.
R108.0m, Class A24, stock code ERSA24, interest at 3M JIBAR + 1.50%, due 17 November 2025: ……….…………. ‘AAA(ZA)(sf)’, Outlook Stable.
R281.0m, Class A25, stock code ERSA25, interest at 3M JIBAR + 1.80%, due 17 November 2025: ……….…………. ‘AAA(ZA)(sf)’, Outlook Stable.
R99.0m, Class B4, stock code ERS3B4, interest at 3M JIBAR + 1.85%, due 17 November 2025: ..……………………..…. ‘A(ZA)(sf)’, Outlook Stable.
R16.0m, Class B5, stock code ERS3B5, interest at 3M JIBAR + 2.15%, due 17 November 2025: ……………..…….……… ‘A(ZA)(sf)’, Outlook Stable.
R35.0m, Class C4, stock code ERS3C4, interest at 3M JIBAR + 2.35%, due 17 November 2025: ..…………..……..…. ‘BBB(ZA)(sf)’, Outlook Stable.
R6.0m, Class C5, stock code ERS3C5, interest at 3M JIBAR + 3.15%, due 17 November 2025: …………………………..’BBB(ZA)(sf)’, Outlook Stable.
The surveillance review of the ratings for the SASP Series 1 Notes had been scheduled for 28 February 2018. The ‘Under Review’ process allows for a time extension of the ratings and is not linked to the performance of the SASP Series 1 transaction. GCR expects to complete the rating review and to publish the Surveillance Report by 15 March 2018. The existing ratings for the above mentioned Notes continue to be supported by GCR.
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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