South African Securitisation Programme (RF) Limited - Series 3
Year : Aug 2020
The rating action reflects the unchanged capital structure post annual review, asset performance and our credit and cash flow analysis using the most recent collateral data at May 2020. GCR also performed a re-rating exercise given the amended credit risk assumptions. The ratings also reflect the credit enhancement levels which are modelled as per the 8% overcollateralisation covenant.
SASP 3 is the third of three series of the R5bn multi-seller segregated asset-backed notes 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.