South African Securitisation Programme (RF) Limited - Series 3 (Dec 2023)

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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).