The final, public rating accorded to the Notes in issue under the Issuer’s ABCP Programme relates to timely payment of interest and principal. The rating excludes an assessment of the ability of the Issuer to pay either any (early repayment) penalties or default interest rate penalties.
The Issuer’s asset portfolio has grown considerably since the initial ratings were accorded by GCR in March 2016. The accreted value of the portfolio has trebled since the initial rating and was reported at a maximum book value of R5.5bn at 30 November 2018. The assets acquired by the Issuer undergo the same credit approval process as the assets taken on RMB’s balance sheet and in addition, they have to comply with the relevant Eligibility Criteria. The aggregate issued amount of Notes under the Programme from time to time is closely matched to the present value of the assets in the portfolio on an ongoing basis.