South African Securitisation Programme (RF) Limited - Series 3

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South African Securitisation Programme (RF) Limited - Series 3
  • South African Securitisation Programme (RF) Limited - Series 3
  • Year : Aug 2020
3 Tokens
USD 300.00
Summary

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.

Additional Information

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.

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