Monitoring Updates

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South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)

South Africa

UploadedNov 2020

The Dashboard covers the period from September 2019 to September 2020 and is part of GCR’s performance monitoring process and does not consti...

South African Securitisation Programme (RF) Limited - Series 1 - (Monitoring Dashboard)

South Africa

UploadedOct 2020

The Dashboard covers the period from August 2019 to August 2020 and is part of GCR’s performance monitoring process and does not constitute r...

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

South Africa

UploadedOct 2020

In August 2020, the Top 50 Largest Lessees concentration limit was breached (40.51% vs. covenant: 40%). This was due to an Arrears element on some...

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

South Africa

UploadedOct 2020

The Dashboard covers the period from May 2018 to August 2020 and is part of GCR’s performance monitoring process and does not constitute rati...

South African Securitisation Programme (RF) Limited Series 3 (Monitoring Dashboard)

South Africa

UploadedSep 2020

The Dashboard covers the period from July 2019 to July 2020 and is part of GCR’s performance monitoring process and does not constitute ratin...

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedSep 2020

The Dashboard covers the period from November 2018 to August 2020 and is part of GCR’s performance monitoring process and does not constitute...

MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedSep 2020

For July 2020, the 3 Month Average NPL / NPV of Leases, early amortisation trigger was reported at 2.97% marginally close to the 3% covenant. Refle...

Global Equity Investments Ltd (Monitoring Dashboard)

South Africa

UploadedSep 2020

The Dashboard was updated in September 2020 and is part of GCR’s monitoring process and does not constitute rating action. GCR will update th...

iNkotha Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedSep 2020

The Dashboard covers the period from July 2019 to July 2020 and is part of GCR’s performance monitoring process and does not constitute ratin...

South African Securitisation Programme (RF) Limited - Series 1 (Monitoring Dashboard)

South Africa

UploadedAug 2020

The Dashboard covers the period from June 2019 to June 2020 and is part of GCR’s performance monitoring process and does not constitute ratin...

TUHF Urban Finance (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedAug 2020

The months of May and June 2020 saw an increase in arrears and a relative decrease in collections to book balance. This is reflective of the impact...

AB Finco 1 (RF) Ltd - (Monitoring Dashboard)

South Africa

UploadedAug 2020

The Dashboard was updated in August 2020 and is part of GCR’s monitoring process and does not constitute rating action or rating report. GCR...

MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedAug 2020

Fully Performing Leases (+ leases up to 30 days in arrears) as a percentage of book exposure was the lowest since October 2016 at 90.4% in June 202...

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

South Africa

UploadedAug 2020

Annualised negative excess spread of -1.8% was reported at May 2020. This reflects the impact of the economic lockdown implemented in the months of...

iMpumelelo CP Note Programme 1 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJul 2020

The Dashboard was updated in July 2020 and is part of GCR’s monitoring process and does not constitute rating action or rating reports. GCR w...

iVuzi Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJul 2020

The Dashboard covers the period from June 2019 to June 2020 and is part of GCR’s performance monitoring process and does not constitute ratin...

South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)

South Africa

UploadedJul 2020

The yield increased to 17% in May 2020 from 13% mainly due to an increase in Evergreens (R4m in the month of May).

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

South Africa

UploadedJul 2020

For March and April 2020, the percentage Overcollateralisation covenant is still at the 10% required level. However, the proportion of performing a...

South African Securitisation Programme (RF) Limited Series 1 (Monitoring Dashboard)

South Africa

UploadedJul 2020

The yield was reported at 24.2% (the highest since August 2015) for the month of May 2020. Due to an increase in the early settlement profits which...

Global Equity Investments Ltd (Monitoring Dashboard)

South Africa

UploadedJun 2020

The Dashboard was updated in June 2020 and is part of GCR’s monitoring process and does not constitute rating action. GCR will update the Das...

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJun 2020

The Dashboard covers the period from November 2018 to May 2020 and is part of GCR’s performance monitoring process and does not constitute ra...

Compass Securitisation (RF) Limited (Monitoring Dashboard)

South Africa

UploadedJun 2020

In April 2020, the "Aggregate Net Defaults for last 12 Months" Performance Test was above the 2.7% limit at 2.76%.

South African Securitisation Programme (RF) Limited Series 3 (Monitoring Dashboard)

South Africa

UploadedJun 2020

The April 2020 performance of which the South African economy was on level 5 lockdown, has remained broadly in line with pre-COVID-19 months. GCR n...

TUHF Urban Finance (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedJun 2020

The Dashboard covers the period from March 2019 to March 2020 and is part of GCR’s performance monitoring process and does not constitute rat...

South African Securitisation Programme (RF) Limited Series 1 (Monitoring Dashboard)

South Africa

UploadedMay 2020

The Dashboard covers the period from March 2019 to March 2020 and is part of GCR’s performance monitoring process and does not constitute rat...

Compass Securitisation (RF) Limited (Monitoring Dashboard)

South Africa

UploadedMay 2020

In January 2020, previously excluded bad debts recovered relating to actual write-offs was included as part of monthly recoveries. The "Aggreg...

iVuzi Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedMay 2020

The Dashboard covers the period from March 2019 to March 2020 and is part of GCR’s performance monitoring process and does not constitute rat...

iNkotha Investments (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedMay 2020

The Dashboard covers the period from March 2019 to March 2020 and is part of GCR’s performance monitoring process and does not constitute rat...

Global Equity Investments Ltd (Monitoring Dashboard)

South Africa

UploadedMay 2020

The Dashboard was updated in April 2020 and is part of GCR’s monitoring process and does not constitute rating action. GCR will update the Da...

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

South Africa

UploadedApr 2020

The Dashboard covers the period from February 2019 to February 2020 and is part of GCR’s performance monitoring process and does not constitu...

Nitro Securitisation 6 (RF) Limited (Monitoring Dashboard)

South Africa

UploadedApr 2020

The Dashboard covers the period from May 2018 to February 2020 and is part of GCR’s performance monitoring process and does not constitute ra...

Compass Securitisation (Monitoring Dashboard)

South Africa

UploadedApr 2020

In January 2020, previously excluded bad debts recovered relating to actual write-offs was included as part of monthly recoveries. The "Aggreg...

Fox Street 6 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedApr 2020

The Dashboard covers the period from November 2018 to February 2020 and is part of GCR’s performance monitoring process and does not constitu...

MW Asset Rentals (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedApr 2020

The Dashboard covers the period from February 2019 to February 2020 and is part of GCR’s performance monitoring process and does not constitu...

Fox Street 3 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedApr 2020

On 30 March 2020, GCR affirmed and withdrew the ratings assigned to the notes issued by Fox Street 3 (RF) Ltd following their acquisition by the Or...

Global Equity Investments Ltd (Monitoring Dashboard)

South Africa

UploadedMar 2020

The Dashboard was updated in March 2020 and is part of GCR’s monitoring process and does not constitute rating action. GCR will update the Da...

iMpumelelo CP Note Programme 1 (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedMar 2020

The Dashboard was updated in March 2020 and is part of GCR’s monitoring process and does not constitute rating action or rating reports. GCR...

South African Securitisation Programme (RF) Limited - Series 1 (Monitoring Dashboard)

South Africa

UploadedMar 2020

The net default trigger was retrospectively recalculated in December 2019 due to two reasons:

1. The calculation of the denominator the &ldqu...

South African Securitisation Programme (RF) Limited - Series 3 (Monitoring Dashboard)

South Africa

UploadedMar 2020

From July 2019, the covenant relating to the minimum Equipment Leases which include maintenance obligations in terms of Maintenance Agreement on th...

TUHF Urban Finance (RF) Ltd (Monitoring Dashboard)

South Africa

UploadedMar 2020

The excess spread including a provision for NPLs which is a trigger to end the Revolving period is close to zero (which is the minimum) at December...

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