Announcements Rating Alerts Structured Finance

The Thekwini Fund 12 (RF) Ltd: Ratings Withdrawn following Full Capital Redemption

Rating Action

Johannesburg, 27 August 2019 – GCR Ratings (“GCR”) has withdrawn the long-term national scale credit ratings accorded to all outstanding Notes issued by The Thekwini Fund 12 (RF) Ltd (the “Issuer”) following the full capital redemption thereof:

Security Class Stock Code Amount Outstanding Rating Class Rating Scale Rating Outlook
Class A2 Notes TH12A2 R nil Issue Long Term National WD(ZA)(sf) N/A
Class A3 Notes TH12A3 R nil Issue Long Term National WD(ZA)(sf) N/A
Class A5 Notes TH12A5 R nil Issue Long Term National WD(ZA)(sf) N/A
Class A6 Notes TH12A6 R nil Issue Long Term National WD(ZA)(sf) N/A
Class A8 Notes TH12A8 R nil Issue Long Term National WD(ZA)(sf) N/A
Class A9 Notes TH12A9 R nil Issue Long Term National WD(ZA)(sf) N/A
Class A11 Notes TH12A11 R nil Issue Long Term National WD(ZA)(sf) N/A
Class A12 Notes TH12A12 R nil Issue Long Term National WD(ZA)(sf) N/A
Class B1 Notes TH12B1 R nil Issue Long Term National WD(ZA)(sf) N/A
Class B2 Notes TH12B2 R nil Issue Long Term National WD(ZA)(sf) N/A
Class B3 Notes TH12B3 R nil Issue Long Term National WD(ZA)(sf) N/A
Class B4 Notes TH12B4 R nil Issue Long Term National WD(ZA)(sf) N/A
Class C1 Notes TH12C1 R nil Issue Long Term National WD(ZA)(sf) N/A
Class C2 Notes TH12C2 R nil Issue Long Term National WD(ZA)(sf) N/A
Class C3 Notes TH12C3 R nil Issue Long Term National WD(ZA)(sf) N/A
Class C4 Notes TH12C4 R nil Issue Long Term National WD(ZA)(sf) N/A

Analytical Contacts

Primary analyst Tinashe Mujuru Structured Finance Analyst
Johannesburg, ZA TinasheM@GCRratings.com +27 11 784 1771
Secondary analyst Yehuda Markovitz Structured Finance Analyst
Johannesburg, ZA YehudaM@GCRratings.com +27 11 784 1771
Sector head Yohan Assous Sector head: Structured Finance Ratings
Johannesburg, ZA Yohan@GCRratings.com +27 11 784 1771

Related Criteria and Research

Global Master Structured Finance Rating Criteria, updated Sep ’18
Global Consumer Residential Mortgage Backed Securities (RMBS) Rating Criteria, updated Nov ’18
The Thekwini Fund 12 (RF) Ltd New Ratings Report, Apr ’16
The Thekwini Fund 12 (RF) Ltd Surveillance Report, May ’18

Ratings History

The Thekwini Fund 12 (RF) Ltd

Security Class Stock Codes Review Rating Class Rating Scale Rating Outlook Date
Class A2, A5, A8, A11 Notes* TH12A2, TH12A5,

TH12A8,

TH12A11

Initial Issue Long Term National AAA(ZA)(sf) Stable Apr 2016
Last Issue Long Term National AAA(ZA)(sf) Stable May 2018
Class A3, A6, A9, A12 Notes* TH12A3, TH12A6,

TH12A9,

TH12A12

Initial Issue Long Term National AAA(ZA)(sf) Stable Apr 2016
Last Issue Long Term National AAA(ZA)(sf) Stable May 2018
Class B1, B2, B3, B4 Notes TH12B1, TH12B2,

TH12B3,

TH12B4

Initial Issue Long Term National AA-(ZA)(sf) Stable Apr 2016
Last Issue Long Term National AA(ZA)(sf) Positive May 2018
Class C1, C2, C3, C4 Notes TH12C1, TH12C2,

TH12C3,

TH12C4

Initial Issue Long Term National BBB-(ZA)(sf) Stable Apr 2016
Last Issue Long Term National BBB(ZA)(sf) Positive May 2018

*with equal Designated Class A Ranking

Glossary of Terms/Acronyms

Capital The sum of money that is invested to generate proceeds.
Rating Outlook See GCR Rating Scales, Symbols and Definitions.
Redemption The repurchase of a bond at maturity by the issuer.
Securities Various instruments used in the capital market to raise funds.
Security One of various instruments used in the capital market to raise funds.
Senior A security that has a higher repayment priority than junior securities.
Stock Code A unique code allocated to a publicly listed security.
Structured Finance A method of raising funds in the capital markets. A Structured Finance transaction is established to accomplish certain funding objectives whist reducing risk.
Surveillance Process of monitoring a transaction according to triggers, covenants and key performance indicators.

SALIENT POINTS OF ACCORDED RATINGS

GCR affirms that a.) no part of the ratings were influenced by any other business activities of the credit rating agency; b.) the ratings were based solely on the merits of the rated entity, security or financial instrument being rated; c.) such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument; and d.) the validity of the ratings are for a maximum of 12 months, or earlier as indicated by the applicable credit rating document.

The credit ratings have been disclosed to the Issuer and Administrator. The ratings above were solicited by, or on behalf of, the Issuer, and therefore, GCR has been compensated for the provision of the ratings.

The Issuer participated in the rating process via face-to-face management meetings, teleconferences and/or other written correspondence. Furthermore, the quality of information received was considered adequate and has been independently verified where possible. The information received from the Issuer and other reliable third parties to accord the credit ratings included:

  • Issuer’s Notice of Disposition to the Rating Agency, dated 12 June 2019
  • JSE Interest Rates Market Notice, dated 21 August 2019
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