South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)
Year : Dec 2019
The Dashboard covers the period from October 2018 to October 2019 and is part of GCR’s performance monitoring process and does not constitute rating action or rating reports. GCR will update the Dashboard at least on a quarterly basis.
Three defaults in the month of October 2019 with a total NPV of R2.4m resulted in the increase in monthly defaults seen in the "Monthly Default vs Recoveries Collected" chart. The Net default trigger increased to 2.3% from 1.9% as a result (covenant: 2.6%). In the past two years defaults are highest in the month of December, of which this is attributed to an increase in unsuccessful repayments during the festive season.