Update on GCR’s Structured Finance Ratings currently ‘Under Review’ Extended
Johannesburg, 8 March 2019 — Global Credit Ratings (“GCR”) has extended the ‘Under Review’ status applicable to the Structured Finance ratings assigned by GCR as per the ‘Under Review update’ published on 7 January 2019. The extension is applicable to transactions that have not yet been reviewed under the updated September 2018, Global Master Structured Finance Rating Criteria and Global Consumer Asset-Backed Securitisations (“ABS”) Rating Criteria (collectively referred to as the “updated Criteria”). This extension allows GCR additional time to receive key outstanding information and / or data from some of the respective issuers and to apply the updated criteria to the transactions as per the list below.
The ‘Under Review’ process is not linked to the performance of the securities that carry the Structured Finance ratings. Existing ratings of impacted transactions remain in effect until completion of the updated reviews.
The Structured Finance ratings accorded to the respective securities issued under the following transactions are expected to be reviewed by 30 May 2019:
South African Securitisation Programme (RF) Limited – Series 1 to 3;
Commissioner Street No. 10 (RF) Limited;
Nitro Securitisation 6 (RF) Limited;
iNkotha Investments (RF) Limited;
Global Equity Investments 1-14 Limited;
Fox Street 2 (RF) Limited, Fox Street 3 (RF) Limited and Fox Street 6 (RF) Limited;
Thekwini 12 (RF) Limited;
Vineyard Road Investments (RF) Limited.
GCR continues to support the existing ratings assigned to the securities issued by the abovementioned issuers.
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.