South African Securitisation Programme (RF) Limited - Series 1
Year : Sep 2019
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 The ratings of the Class A23, Class B4 and Class C4 Notes were withdrawn following the full redemption of these Notes on their Scheduled Maturity Date.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.
The credit ratings assigned to the Class A Notes relate to timely payment of interest and ultimate payment of principal by the final redemption date, while the ratings assigned to the Class B and Class C Notes relate to ultimate payment of interest and principal by the final redemption date of the respective tranches of Notes. The ratings exclude an assessment of the ability by the Issuer to pay either any early repayment or default interest rate penalties.