South African Securitisation Programme (RF) Limited - Series 1

South Africa

South African Securitisation Programme (RF) Limited - Series 1

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 The ratings assigned to the maturing Notes were withdrawn post the refinance.

Tokens: 3 Price: USD 300.00

South African Securitisation Programme (RF) Limited - Series 1

GCR Ratings assigned an indicative issue credit rating to the Class A28 Notes to be issued under the South African Securitisation Programme (RF) Limited – Series 1 on or about 17 August 2020. The Notes will be issued to refinance the maturing Class A21 and Class A24 Notes. The indicative ratings will expire on the sooner of 31 August 2020 or the issuance date of the Class A28 Notes, while the ratings assigned to the maturing Notes are expected to be withdrawn post the refinance.

Tokens: 2 USD 150.00

South African Securitisation Programme (RF) Limited - Series 1

The capital structure remained unchanged post the 19 August 2019 issuance of R230m in Class A27 Notes (refinancing maturing R230m Class A23 Notes), R99m in Class B7 Notes (refinancing maturing R99m Class B4 Notes) and R35m in Class C7 Notes (refinancing maturing R35m Class C4 Notes). No additional subordinated loans were issued. The ratings of the Class A23, Class B4 and Class C4 Notes were withdrawn following the full redemption of these Notes on their Scheduled Maturity Date.

GCR considered the tenor and the pricing of the existing and New issued Notes. The pricing of the New issued Notes was positive to the cash flow model when compared to the pricing of the matured Notes.

Tokens:1 Price: USD 75.00

South African Securitisation Programme (RF) Limited Series 1

The South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1”) is the first of three series in a R5bn multi-seller equipment lease securitisation programme. The underlying equipment leases are originated by Sasfin Bank Limited (“Sasfin”). The Class A26, Class B6 and Class C6 Notes were issued on 17 May 2019, with the proceeds utilised to refinance the now-matured Class A22, Class B5 and Class C5 Notes which matured on the same day. The ratings assigned to the matured notes were withdrawn upon their full redemption.

South African Securitisation Programme (RF) Limited Series 1

The South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1”) is the first of three series in a R5bn multi-seller equipment lease securitisation programme. The underlying equipment leases are originated by Sasfin Bank Limited (“Sasfin”). The Class A26, Class B6 and Class C6 Notes were issued on 17 May 2019, with the proceeds utilised to refinance the now-matured Class A22, Class B5 and Class C5 Notes which matured on the same day. The ratings assigned to the matured notes were withdrawn upon their full redemption.

South African Securitisation Programme (RF) Limited – Series 1 R5bn Lease Receivables Backed Note Programme

The transaction benefits from an aggregate R189.4m that comprises the unrated Subordinated Loan and First Loss Loan which are partially used to fund the Reserve Fund as well as to provide credit enhancement to the notes. The Reserve Fund has been maintained above the required 4.46% of the outstanding Notes since August 2018.

South African Securitisation Programme (2018-05)

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 (2017-10)

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 (2017-02)

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 (2017-02)

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 (2016-08)

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 (2016-07)

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 (2016-07)

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 (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 1 Current Ratings

Issue Name Rating Country Rating Published
Class C4 Notes - ERS3C4 Long Term Rating: Withdrawn(ZA)(sf); South Africa 23-08-2019 0:00:00
Class A23 Notes - ERSA23 Long Term Rating: Withdrawn(ZA)(sf); South Africa 23-08-2019 0:00:00
Class A17 Notes - ERSA17 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 28-03-2018 0:00:00
Class A20 Notes - ERSA20 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 28-03-2018 0:00:00
Class C7 Notes - ERS3C7 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 21-08-2020 0:00:00
Class C6 Notes - ERS3C6 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 21-08-2020 0:00:00
Class B6 Notes - TBA Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 10-05-2019 0:00:00
Class A26 Notes - TBA Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 10-05-2019 0:00:00
Class C5 Notes - ERS3C5 Long Term Rating: BBB(ZA)(sf); RW Pos South Africa 10-05-2019 0:00:00
Class C6 Notes - TBA Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 10-05-2019 0:00:00
Class A25 Notes - ERSA25 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 21-08-2020 0:00:00
Class B5 Notes - ERS3B5 Long Term Rating: A(ZA)(sf); RW Pos South Africa 10-05-2019 0:00:00
Class B4 Notes - ERS3B4 Long Term Rating: Withdrawn(ZA)(sf); South Africa 23-08-2019 0:00:00
Class A21 Notes - ERSA21 Long Term Rating: Withdrawn(ZA)(sf); South Africa 21-08-2020 0:00:00
Class A24 Notes - ERSA24 Long Term Rating: Withdrawn(ZA)(sf); South Africa 21-08-2020 0:00:00
Class A22 Notes - ERSA22 Long Term Rating: AAA(ZA)(sf); RW Pos South Africa 10-05-2019 0:00:00
Class A27 Notes - ERSA27 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 21-08-2020 0:00:00
Class A28 Notes - ERSA28 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 21-08-2020 0:00:00
Class B6 Notes - ERS3B6 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 21-08-2020 0:00:00
Class B7 Notes - ERS3B7 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 21-08-2020 0:00:00
Class A26 Notes - ERSA26 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 21-08-2020 0:00:00
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