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

Image placeholder
South African Securitisation Programme (RF) Limited - Series 1 (Monitoring Dashboard)
  • South African Securitisation Programme (RF) Limited - Series 1 (Monitoring Dashboard)
  • Year :Mar 2020
Access Now
Summary

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

1. The calculation of the denominator the “Average NPV of EL for the past 12 months” has been aligned with transaction documents. The previous calculation subtracted cumulative defaults from the portfolio balance as opposed to using the current balance.

2. The monthly defaults and recoveries were revised to reflect their “true” value as the recoveries since Sasfin migrated to a new debtor’ system in 2019 only reflected legal collections as opposed to the complete list of the recoveries related to the default list.

The trigger shows some headroom at January 2020…

Additional Information

The Dashboard covers the period from January 2019 to January 2020 and is part of GCR’s performance monitoring process and does not constitute rating action or rating reports. GCR will update the Dashboards at least on a quarterly basis.

The Dashboard exhibits performance metrics related to the South African Securitisation Programme (RF) Ltd – Series 1 transaction, which include credit enhancement levels, excess spread, defaults, recoveries and covenants. Click here for rating reports

Related Publications

AB Finco 1 (RF) Ltd (Monitoring Dashboard)

The Dashboard was updated in September 2021 and is part of GCR’s monitoring process and does not constitute rating action or rating reports....

iNkotha Investments (RF) Ltd

The Issuer is a Rand Merchant Bank managed structured funding vehicle that advances rand denominated overnight call loans to South African corporat...

GCR Risk Score Snapshot as of Dec 31st 2019

If you are interested in the underlying scores, ratings or a more detailed score breakdown for any of the issuers mentioned, or the methodologies t...

Available Purchase Options: