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 | 202312-SASP-3-Surveillance-Rating-Report-FINAL.pdf |
Filesize | 502.12 KB |
Version | paid report |
Date added | December 14, 2023 |
Category | Credit Rating Reports, Structured Finance |
Tags | South Africa |
The capital structure changed slightly with the class A10 Notes being equivalent to ZAR323m, lower than the maturing ZAR357m Class A6 Notes. The Class B10 and C10 Notes were issued in the same denomination as the Class B6 and C6 Notes. The proceeds from the issuances were used to repay the Class A, B and C 6 Notes. The Issuer did not issue additional subordinated loans.
GCR modelled a starting asset balance of ZAR1,599.5m in performing assets in order to meet the 8% overcollateralisation requirement plus the ZAR109.4m defaults as at September 2023 which sums up to ZAR1,708.9m. This translates into an asset to notes ratio of 1.15x (September 2023 review: 1.16x).