GCR Ratings affirmed the national scale short-term credit ratings of ‘A1+(ZA)(sf)’ assigned to the Asset Backed Commercial Paper issued by iVuzi Investments (RF) Limited from time to time under the Issuer’s R15bn hybrid ABCP Programme .
The affirmation followed the annual review of the ratings and reflect the weighted average credit quality of the Participating Assets and the credit enhancement provided through the Programme Wide Credit Enhancement (PWCE) and Liquidity Facility (LF).
The iVuzi Programme, which is not fully supported, can acquire financial assets, rated securities and participating eligible investments up to its R15bn limit, subject to eligibility criteria without prior review by GCR. Through the utilisation of proceeds of the issuance of Notes that are limited to a maximum maturity of one year. The Issuer’s assets and liabilities are measured on an ongoing basis at their present values, which are utilised to calculate the liquidity and credit enhancement requirements in the structure from month to month.