South African Securitisation Programme (RF) Limited - Series 1

Image placeholder
South African Securitisation Programme (RF) Limited - Series 1
  • South African Securitisation Programme (RF) Limited - Series 1
  • Year : Jul 2020
3 Tokens
USD 300.00
Summary

GCR Ratings assigned an indicative issue credit rating to the Class A28 Notes to be issued under the South African Securitisation Programme (RF) Limited – Series 1 on or about 17 August 2020. The Notes will be issued to refinance the maturing Class A21 and Class A24 Notes. The indicative ratings will expire on the sooner of 31 August 2020 or the issuance date of the Class A28 Notes, while the ratings assigned to the maturing Notes are expected to be withdrawn post the refinance.

Additional Information

SASP 1 is the first of three series of the R5bn multi-seller segregated asset-backed note programme of rental and equipment lease financed assets originated by Sasfin Bank Ltd. SASP 1 and SASP 3 are primarily made up of office equipment leases, while SASP 2 is primarily made up of capital asset leases. Sasfin Bank’s strategy is to continue with its conservative originations approach. Origination volumes have declined in light of the current operating environment and are expected to remain low. To mitigate the risk posed to the SASP transactions (which are currently revolving) the Bank currently has a buffer estimated to cover 10 months of purchases.

Related Publication

Hospitality Property Fund Ltd (2014-04)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Commissioner Street No. 10 (RF) Ltd (Monitoring Dashboard)

The Dashboard was updated in December 2019 and is part of GCR’s monitoring process and does not constitute rating action or rating reports. G...

Short Term Insurance Industry Compendium - Sub-Saharan Africa

This introduces GCR Ratings (“GCR”) first Short Term Insurance Compendium for Sub-Saharan Africa. In this publication, GCR provides a b...

Available Purchase Options: