Structured bond ratings provide an estimate of the expected loss in the event of an Issuer default and are a function of the estimated probability of default of the Issuer and the potential losses that may be incurred. As such, the ratings carry an ‘EL’ suffix.
enX is predominately characterised by its two largest operating entities Industrial Equipment (“IE”) and FML, housed under enX Leasing Investments (Pty) Limited, the parent guarantor. Industrial Equipment’s business is built on its exclusive distribution of Toyota Forklifts in South Africa and many Sub-Saharan African countries, and a leading local market share. Traditional leasing remains core to FML, but its key competitive advantage is its value-add products, in particular its proprietary fleet management system, Quest (initiated during FY17).