South African Securitisation Programme (RF) Limited - Series 2

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South African Securitisation Programme (RF) Limited Series 2
  • South African Securitisation Programme (RF) Limited - Series 2
  • Year : Oct 2020
3 Tokens
USD 300.00
Summary

GCR Ratings affirmed the issue credit ratings assigned to the Notes issued under the South African Securitisation Programme (RF) Limited – Series 2 with Stable Outlooks. The rating action reflects the largely unchanged capital structure post the annual review, the asset performance and our credit and cash flow analysis using the most recent collateral data at July 2020.  The ratings also reflect the credit enhancement levels which are modelled as per the 10% overcollateralisation covenant.

Additional Information

The capital structure has remained unchanged over the review period. GCR modelled a starting asset balance of R385m in performing assets in order to meet the 10% overcollateralization requirement plus the R12.4m defaults as at July 2020 which sums up to R397.4m. This translates into an asset to notes ratio of 1.14x (November 2019 review: 1.19x).

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