South African Securitisation Programme (RF) Limited - Series 2
Year : Dec 2019
SASP 2 is the second of three series of the R5bn Multi-Seller Segregated Asset-Backed Note Programme of rental and equipment lease financed assets originated by Sasfin Bank Limited. SASP 2 is primarily made up of capital asset leases, while SASP 1 and SASP 3 are primarily made up of office equipment leases.
The ratings reflect the unchanged capital structure post the refinance, relatively constant credit enhancement levels, the asset performance and GCR’s credit and cash flow analysis using the most recent collateral data.The transaction is currently in its Revolving Period. As per GCR’s Criteria for Rating Structured Finance Transactions, the transaction was modelled using its Pre-Enforcement Priority of Payments applicable in an Amortisation Period.