Synthesis Funding Ltd Asset Backed Commercial Paper – Rating Withdrawal.
Johannesburg, 5 June 2017 — Global Credit Ratings (‘GCR’) has withdrawn the final, public ‘A1+(ZA)(sf)’ short-term rating accorded to the Notes issued from time to time by Synthesis Funding Ltd (‘Synthesis’ or the ‘Issuer’). Synthesis is a Nedbank Limited (‘Nedbank’) managed R15bn Asset Backed Commercial Paper (‘ABCP’) Programme.
The withdrawal of the short-term rating accorded to the Notes follows Nedbank’s (as Sponsor) decision to wind-down the structure of the Issuer. Nedbank have subsequently requested GCR to withdraw the short-term rating of ‘A1+(ZA)(sf)’ accorded to the Notes.
Global Structured Finance Rating Criteria (Feb’17);
Global Asset Backed Commercial Paper Rating Criteria (Sep’16);
Global Master Criteria for Rating Banks and Other Financial Institutions (Mar’17);
Synthesis Funding Limited New Ratings Report (Apr’16);
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