On 21 February 2020, GCR Ratings (“GCR”) affirmed the public short-term issue Programme credit rating to the Senior Secured ABCP Series 1 Notes (the “Notes”) issued and to be issued by iMpumelelo CP Note Programme 1 (RF) Ltd (“iMpumelelo” or the “Issuer”) under Series 1 of its R10bn Serialised Note Programme.
The rating accorded to the abovementioned Notes relates to timely payment of interest and timely payment of principal. The rating excludes an assessment of the ability of the Issuer to pay any (early repayment) penalties. The rating accorded to the Series 1 Notes excludes the issuance of notes with a maturity of greater than one year.
GCR’s rating methodology looks through to the Absa Bank Ltd (“Absa”) rating in order to accord a short-term rating to the Series 1 Notes, given the presence of the Absa Guarantee. GCR assigned a Long-Term and Short-Term national scale rating of ‘AA(ZA)’ and ‘A1+(ZA)’ with a Stable Outlook to Absa Bank Ltd that has been reviewed in August 2019. The rating may change should the rating of Absa change.