South African Securitisation Programme (RF) Limited - Series 1
Year : Sep 2020
On 21 August 2020, GCR assigned issue credit rating to the Class A28 Notes issued under the South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1” or the “Issuer”) on 17 August 2020. The Notes were issued to refinance the maturing Class A21 and Class A24 Notes. The ratings assigned to the maturing Notes were withdrawn post the refinance.
SASP 1 is the first 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.
This report focuses on changes in the main drivers of the ratings and is an update to GCR’s SASP 1 New Issuance Report published in August 2019