South African Securitisation Programme (RF) Limited - Series 1
Year : Jun 2019
The South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1”) is the first of three series in a R5bn multi-seller equipment lease securitisation programme. The underlying equipment leases are originated by Sasfin Bank Limited (“Sasfin”). The Class A26, Class B6 and Class C6 Notes were issued on 17 May 2019, with the proceeds utilised to refinance the now-matured Class A22, Class B5 and Class C5 Notes which matured on the same day. The ratings assigned to the matured notes were withdrawn upon their full redemption.
The upgrades reflect the positive impact of the build-up of credit enhancement, updates to the rating stresses under the Global Consumer Asset Backed Securitisation (“ABS”) Rating Criteria, the amended base case assumptions, as well as the amendments made to the transaction documents (to align with GCR’s updated Global Master Structured Finance Rating Criteria). The transaction benefits from an aggregate R189.4m that comprises the unrated Subordinated Loan and First Loss Loan which are partially used to fund the Reserve Fund as well as to provide credit enhancement to the notes. The Reserve Fund has been maintained above the required 4.46% of the outstanding Notes since August 2018.