AB Finco 2 (RF) Limited

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

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.

Related Publication

Fox Street 1 (2016-02)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

South African Securitisation Programme (RF) Limited - Series 2 (Monitoring Dashboard)

The Dashboard covers the period from July 2018 to July 2019 and is part of GCR’s performance monitoring process and does not constitute ratin...

SECURITISATION 101

Securitisation is seen as an alternative to on-balance sheet funding and a form of disintermediation, allowing corporates and other institutions to...

Available Purchase Options: