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2020 or the issuance date of the Class A28 Notes, while the ratings assigned to the maturing Notes are expected to be withdrawn post the refinance.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 The ratings of the Class A23, Class B4 and Class C4 Notes were withdrawn following the full redemption of these Notes on their Scheduled Maturity Date.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 The ratings assigned to the matured notes were withdrawn upon their full redemption.