South African Securitisation Programme (RF) Limited - Series 1
Year : Jul 2020
GCR Ratings assigned an indicative issue credit rating to the Class A28 Notes to be issued under the South African Securitisation Programme (RF) Limited – Series 1 on or about 17 August 2020. The Notes will be issued to refinance the maturing Class A21 and Class A24 Notes. The indicative ratings will expire on the sooner of 31 August 2020 or the issuance date of the Class A28 Notes, while the ratings assigned to the maturing Notes are expected to be withdrawn post the refinance.
SASP 1 is the first of three series of the R5bn multi-seller segregated asset-backed note programme of rental and equipment lease financed assets originated by Sasfin Bank Ltd. SASP 1 and SASP 3 are primarily made up of office equipment leases, while SASP 2 is primarily made up of capital asset leases. Sasfin Bank’s strategy is to continue with its conservative originations approach. Origination volumes have declined in light of the current operating environment and are expected to remain low. To mitigate the risk posed to the SASP transactions (which are currently revolving) the Bank currently has a buffer estimated to cover 10 months of purchases.