South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)

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South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)
  • South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)
  • Year : Mar 2020
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Summary

From July 2019, the covenant relating to the minimum Equipment Leases which include maintenance obligations in terms of Maintenance Agreement on the part of the lessor in respect of the Equipment, has not been reported on. This was due to the migration of data by Sasfin Bank Ltd to the new debtors' ledger system in 2019, which saw some fields not migrating across. Going forward, the administrator has indicated that this will be included in the reports again. GCR also notes that the maximum this covenant has ever been reported at is 0.1% compared to its 2% limit.

Additional Information

The Dashboard covers the period from January 2019 to January 2020 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. Click here for rating reports.

The Dashboard exhibits performance metrics related to the South African Securitisation Programme (RF) Ltd – Series 3 transaction, which include credit enhancement levels, excess spread, defaults, recoveries and covenants.

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