South African Securitisation Programme (RF) Limited - Series 3
Year : Sep 2019
The capital structure has remained unchanged post the 15 August 2019 issuance of R259m in Class A5 Notes (refinancing maturing R259m Class A1 Notes), R30m in Class B5 Notes (refinancing maturing R30m Class B1 Notes) and R35m in Class C5 Notes (refinancing maturing R35m Class C1 Notes). No additional subordinated loans were issued.
GCR considered the tenor and the pricing of the existing and New issued Notes. The pricing of the New issued Notes is positive to the cash flow model when compared to the pricing of the matured Notes.
The national scale ratings assigned to the Class A Notes relate to timely payment of interest and ultimate payment of principal by their final redemption date, while the ratings assigned to the Class B and Class C Notes relate to ultimate payment of interest and principal by the final redemption date of the respective tranches of Notes. The ratings exclude an assessment of the ability by the Issuer to pay either any early repayment or default interest rate penalties.