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 : Dec 2020
3 Tokens
USD 300.00
Summary

GCR Ratings (“GCR”) assigned issue credit ratings to the Class A6, Class B6 and Class C6 Notes issued under the South African Securitisation Programme (RF) Limited – Series 3 (“SASP 3” or the “Issuer”) with Stable Outlooks. The Notes were issued to refinance the maturing Class A3, Class B3 and Class C3 Notes. The ratings assigned to the maturing Notes were withdrawn post the refinance.

Additional Information

Sasfin Bank’s strategy is to continue with its conservative originations approach. Origination volumes have declined in light of the current operating environment and are expected to remain low. To mitigate the risk posed to the SASP transactions (which are currently revolving) the bank currently has a buffer estimated to cover 5 months of purchases. In relation to the credit risk, GCR stressed the cash flows generated by the structure in a combination of increased default probability affecting the asset portfolio and decreased recoveries upon default.

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