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SASP 1 is the first of three series of the R5bn multi-seller segregated asset-backed notes programme of rental and equipment lease financed assets originated by Sasfin Bank Ltd (“Sasfin”). SASP 1 and SASP Series 3 are primarily made up of office equipment leases, while SASP Series 2 is primarily made up of capital asset leases. The capital structure has remained unchanged over the review period. GCR modelled a starting asset balance of R1,246.9m in performing assets in order to meet the 12.54% overcollateralisation requirement plus the R116.1m defaults as at June 2021, which sums up to R1,363.0m. This translates into an asset to notes ratio of 1.23x (August 2020 review: 1.21x).
On 21 August 2020, GCR assigned issue credit rating to the Class A28 Notes issued under the South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1” or the “Issuer”) on 17 August 2020. The Notes were issued to refinance the maturing Class A21 and Class A24 Notes. The ratings assigned to the maturing Notes were withdrawn post the refinance.
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2020 or the issuance date of the Class A28 Notes, while the ratings assigned to the maturing Notes are expected to be withdrawn post the refinance.
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 The ratings of the Class A23, Class B4 and Class C4 Notes were withdrawn following the full redemption of these Notes on their Scheduled Maturity Date.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 South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1”) is the first of three series in a R5bn multi-seller equipment lease securitisation programme. The underlying equipment leases are originated by Sasfin Bank Limited (“Sasfin”). The Class A26, Class B6 and Class C6 Notes were issued on 17 May 2019, with the proceeds utilised to refinance the now-matured Class A22, Class B5 and Class C5 Notes which matured on the same day. The ratings assigned to the matured notes were withdrawn upon their full redemption.
The South African Securitisation Programme (RF) Limited – Series 1 (“SASP 1”) is the first of three series in a R5bn multi-seller equipment lease securitisation programme. The underlying equipment leases are originated by Sasfin Bank Limited (“Sasfin”). The Class A26, Class B6 and Class C6 Notes were issued on 17 May 2019, with the proceeds utilised to refinance the now-matured Class A22, Class B5 and Class C5 Notes which matured on the same day. The ratings assigned to the matured notes were withdrawn upon their full redemption.
The transaction benefits from an aggregate R189.4m that comprises the unrated Subordinated Loan and First Loss Loan which are partially used to fund the Reserve Fund as well as to provide credit enhancement to the notes. The Reserve Fund has been maintained above the required 4.46% of the outstanding Notes since August 2018.
| Issue Name | Rating | Country | Rating Published |
|---|---|---|---|
| Class A22 Notes - ERSA22 | Long Term Rating: AAA(ZA)(sf); RW Pos | South Africa | 10-05-2019 0:00:00 |
| Class B5 Notes - ERS3B5 | Long Term Rating: A(ZA)(sf); RW Pos | South Africa | 10-05-2019 0:00:00 |
| Class C5 Notes - ERS3C5 | Long Term Rating: BBB(ZA)(sf); RW Pos | South Africa | 10-05-2019 0:00:00 |
| Class A26 Notes - TBA | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 10-05-2019 0:00:00 |
| Class B6 Notes - TBA | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 10-05-2019 0:00:00 |
| Class C6 Notes - TBA | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 10-05-2019 0:00:00 |
| Class A23 Notes - ERSA23 | Long Term Rating: Withdrawn(ZA)(sf); | South Africa | 23-08-2019 0:00:00 |
| Class B4 Notes - ERS3B4 | Long Term Rating: Withdrawn(ZA)(sf); | South Africa | 23-08-2019 0:00:00 |
| Class C4 Notes - ERS3C4 | Long Term Rating: Withdrawn(ZA)(sf); | South Africa | 23-08-2019 0:00:00 |
| Class C7 Notes - ERS3C7 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 21-08-2020 0:00:00 |
| Class C6 Notes - ERS3C6 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 21-08-2020 0:00:00 |
| Class A28 Notes - ERSA28 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 21-08-2020 0:00:00 |
| Class A21 Notes - ERSA21 | Long Term Rating: Withdrawn(ZA)(sf); | South Africa | 21-08-2020 0:00:00 |
| Class A24 Notes - ERSA24 | Long Term Rating: Withdrawn(ZA)(sf); | South Africa | 21-08-2020 0:00:00 |
| Class A25 Notes - ERSA25 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 21-08-2020 0:00:00 |
| Class A26 Notes - ERSA26 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 21-08-2020 0:00:00 |
| Class A27 Notes - ERSA27 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 21-08-2020 0:00:00 |
| Class B6 Notes - ERS3B6 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 21-08-2020 0:00:00 |
| Class B7 Notes - ERS3B7 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 21-08-2020 0:00:00 |
| Class A17 Notes - ERSA17 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 28-03-2018 0:00:00 |
| Class A20 Notes - ERSA20 | Long Term Rating: AAA(ZA)(sf); Outlook: Stable | South Africa | 28-03-2018 0:00:00 |