South African Securitisation Programme (RF) Limited - Series 3

South Africa

South African Securitisation Programme (RF) Limited Series 3 (2021-09)

The capital structure has remained unchanged post the issuance of R276m Class A7 Notes (refinancing maturing R276m Class A2 Notes), R45m Class B7 Notes (refinancing maturing R45m Class B2 Notes) and R20m Class C7 Notes (refinancing maturing R20m Class C2 Notes). The Issuer did not issue additional subordinated loans. The pricings of the new Notes are lower than that of the maturing Class A2 Notes, Class B2 Notes, and Class C2 Notes.

Tokens: 3 Price: USD 300.00

South African Securitisation Programme (RF) Limited Series 3 (2021-08)

The capital structure is anticipated to remain unchanged post the issuance of R276m Class A7 Notes (refinancing maturing R276m Class A2 Notes), R45m Class B7 Notes (refinancing maturing R45m Class B2 Notes) and R20m Class C7 Notes (refinancing maturing R20m Class C2 Notes). The Issuer does not intend to issue additional subordinated loans.

Tokens: 2 USD 150.00

South African Securitisation Programme (RF) Limited Series 3

GCR Ratings (“GCR”) assigned issue credit ratings to the Class A6, Class B6 and Class C6 Notes issued under the South African Securitisation Programme (RF) Limited – Series 3 (“SASP 3” or the “Issuer”) with Stable Outlooks. The Notes were issued to refinance the maturing Class A3, Class B3 and Class C3 Notes. The ratings assigned to the maturing Notes were withdrawn post the refinance.

Tokens:1 Price: USD 75.00

South African Securitisation Programme (RF) Limited - Series 3

The rating action reflects the unchanged capital structure post annual review, asset performance and our credit and cash flow analysis using the most recent collateral data at May 2020. GCR also performed a re-rating exercise given the amended credit risk assumptions. The ratings also reflect the credit enhancement levels which are modelled as per the 8% overcollateralisation covenant.

South African Securitisation Programme (RF) Limited Series 3

The capital structure has remained unchanged post the 15 August 2019 issuance of R259m in Class A5 Notes (refinancing maturing R259m Class A1 Notes), R30m in Class B5 Notes (refinancing maturing R30m Class B1 Notes) and R35m in Class C5 Notes (refinancing maturing R35m Class C1 Notes). No additional subordinated loans were issued.

GCR considered the tenor and the pricing of the existing and New issued Notes. The pricing of the New issued Notes is positive to the cash flow model when compared to the pricing of the matured Notes.

South African Securitisation Programme (RF) Limited Series 3

The South African Securitisation Programme (RF) Limited – Series 3 (“SASP 3”) is a revolving series and the third of three series of the R5bn multi-seller segregated asset-backed note programme of rental and equipment lease assets originated by Sasfin Bank Limited (“Sasfin”). The underlying assets whose leases are securitised under both SASP 1 and SASP 3 primarily comprise of office equipment, while the underlying assets in SASP 2 are capital intensive equipment.

South African Securitisation Programme (2018-08)

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

South African Securitisation Programme (2017-11)

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

South African Securitisation Programme (2017-02)

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

South African Securitisation Programme (2016-09)

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

South African Securitisation Programme (RF) Limited - Series 3 Current Ratings

Issue Name Rating Country Rating Published
Class A1 - SLRA1 Long Term Rating: Withdrawn(ZA)(sf); South Africa 21-08-2019 0:00:00
Class B1- SLRB1 Long Term Rating: Withdrawn(ZA)(sf); South Africa 21-08-2019 0:00:00
Class C1 - SLRC1 Long Term Rating: Withdrawn(ZA)(sf); South Africa 21-08-2019 0:00:00
Class A3 - SLRA3 Long Term Rating: Withdrawn(ZA); South Africa 17-11-2020 0:00:00
Class B3 - SLRB3 Long Term Rating: Withdrawn(ZA); South Africa 17-11-2020 0:00:00
Class C3 - SLRC3 Long Term Rating: Withdrawn(ZA); South Africa 17-11-2020 0:00:00
Class C7 - SLRC7 Long Term Rating: A-(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class A2 - SLRA2 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class A4 - SLRA4 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class A5 - SLRA5 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class A6 - SLRA6 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class B2 - SLRB2 Long Term Rating: AA+(ZA)(sf); Outlook: Stable South Africa 30-08-2021 0:00:00
Class B4 - SLRB4 Long Term Rating: AA+(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class B5 - SLRB5 Long Term Rating: AA+(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class A7 - SLRA7 Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class B7 - SLRB7 Long Term Rating: AA+(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class B6 - SLRB6 Long Term Rating: AA+(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class C2 - SLRC2 Long Term Rating: A-(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class C4 - SLRC4 Long Term Rating: A-(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class C5 - SLRC5 Long Term Rating: A-(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
Class C6 - SLRC6 Long Term Rating: A-(ZA)(sf); Outlook: Stable South Africa 30-07-2021 0:00:00
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