Announcements

Torque Securitisation (RF) Limited – Rating ‘Under Review’

Johannesburg, 31 October 2017 — Global Credit Ratings (“GCR”) has placed the final, public long-term credit ratings accorded to the following securities issued by Torque Securitisation (RF) Limited (the “Issuer” or “Torque”) under review:

R50.7m, Class A3, stock code TORQ3, interest at 3M Jibar + 2.09%, due 15 April 2022: .……………….……. ‘AAA(ZA)(sf)’, Outlook Stable.

R63.4m, Class A4, stock code TORQ7, interest at 3M Jibar + 1.60%, due 15 August 2025: .…………………….. ‘AAA(ZA)(sf)’, Outlook Stable.

R60.3m, Class A5, stock code TORQ8, interest at 3M Jibar + 1.80%, due 15 August 2026: .…………………….. ‘AAA(ZA)(sf)’, Outlook Stable.

R84.0m, Class B2, stock code TORQ9, interest at 3M Jibar + 2.10%, due 15 August 2026: ..………………………… ‘A+(ZA)(sf)’, Outlook Stable.

R49.0m, Class C2, stock code TORQ10, interest at 3M Jibar + 3.00%, due 15 August 2026: ..………………….…. ‘BBB(ZA)(sf)’, Outlook Stable.

The surveillance review of the ratings for the Notes issued by Torque was previously scheduled for 30 October 2017. However, the rating review has been postponed to allow GCR to finalise their review of the transaction. The ‘Under Review’ process allows for a time extension of the ratings and is not linked to the performance of Torque. The surveillance will be conducted and a rating announcement will be issued by 6 November 2017.

RATINGS HISTORY

Stock code
Initial rating
Long term rating
Rating outlook
TORQ3
29 Apr’16
AAA(ZA)(sf)
Stable
TORQ7
29 Apr’16
AAA(ZA)(sf)
Stable
TORQ8
29 Apr’16
AAA(ZA)(sf)
Stable
TORQ9
29 Apr’16
A+(ZA)(sf)
Stable
TORQ10
29 Apr’16
BBB(ZA)(sf)
Stable
Stock code
Last rating
Long term rating
Rating outlook
TORQ3
28 Apr’17
AAA(ZA)(sf)
Stable
TORQ7
28 Apr’17
AAA(ZA)(sf)
Stable
TORQ8
28 Apr’17
AAA(ZA)(sf)
Stable
TORQ9
28 Apr’17
A+(ZA)(sf)
Stable
TORQ10
28 Apr’17
BBB(ZA)(sf)
Stable

ANALYTICAL CONTACTS

Primary Analyst

Mark Vrdoljak

Senior Structured Finance Analyst

+27 11 784 1771

markvrd@globalratings.net

Secondary Analyst

Tinashe Mujuru

Structured Finance Analyst

+27 11 784 1771

tinashem@globalratings.net

Committee Chairperson

Yohan Assous

Sector Head: Structured Finance Ratings

+27 11 784 1771

yohan@globalratings.net

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