AB Finco 2 (RF) Limited

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AB Finco 2 (RF) Limited - Transaction 3 - Series 1
  • AB Finco 2 (RF) Limited
  • Year : Nov 2020
3 Tokens
USD 300.00

GCR Ratings assigned a short-term issue credit rating to the R500m Class A Notes issued by AB Finco 2 (RF) Limited (“AB Finco 2” or “the Issuer”) on 30 October 2020, under the R15bn AB Finco Multi-Issuer Note Programme (the “Programme”) established in December 2019 and administered by Absa Corporate and Investment Banking (“Absa CIB”), a division of Absa Bank Limited (“Absa Bank”).

Additional Information

GCR notes that the Transaction’s provision for mandatory Interest Rate Adjustment to maintain a spread that will cover whatever Senior Expenses the Issuer determines it will need to pay over the upcoming quarter secures the adequacy of the new TRS Floating Rate that may be offered by a replacement Derivative Counterparty. As such, in GCR’s assessment, there is no dependency on the current Derivative Counterparty that might introduce a credit linkage thereto.

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