Research
Credit Reports
Over 1500 reports, spanning 22 countries, detailing GCR’s opinion regarding the creditworthiness of an entity, a security or financial instrument, or an issuer of securities or financial instruments.
Industry Reports
A collection of publications, providing you with key industry analysis and insights across various geographical regions.
Monitoring Updates
Dashboards exhibit key performance metrics related to Structured Finance transactions publicly rated by GCR, which include credit enhancement levels, excess spread, defaults, recoveries and covenants.
| Filename | 202412-MW-Asset-Rentals-New-Issuance-Report_Final.pdf |
| Filesize | 612.25 KB |
| Version | subscription |
| Date added | December 6, 2024 |
| Downloaded | 3 times |
| Category | Credit Rating Reports, Structured Finance |
| Tags | South Africa |
On 22 November 2024, GCR Ratings (GCR) has assigned national scale long term issue credit ratings and outlooks to the MWAR16 and MWAR17 Notes (the new Notes) issued by MW Asset Rentals (RF) Ltd (the Issuer) on 22 November 2024 under its ZAR2.5bn ($138.6M) Lease Receivables Backed Note Programme (the Transaction). The new Notes have been issued to refinance the MWAR07, MWAR12 and MWAR15 Notes, which had a Scheduled Maturity Date of 22 November 2024. The ratings of these matured Notes, which have been redeemed in full, have been withdrawn.
At the same time, GCR has affirmed the ratings of the existing Class A Notes (MWAR08, MWAR09, MWAR11, MWAR13 and MWAR14) with Stable outlooks.
The Transaction has four Subordinated Loans outstanding with a current aggregate value of ZAR261,399,156. These are unrated and held by Merchant West (Pty) Ltd (as the Subordinated Loan Provider). Merchant West (Pty) Ltd is also the Originator, Seller, and Servicer of the Transaction.
The credit ratings accorded to the Class A Notes relate to the timely payment of interest and ultimate payment of principal. The ratings exclude an assessment of the ability of the Issuer to pay either any early repayment penalties or any default interest rate penalties.