VST1 is a Series under the VRI serialised Programme. VRI is the Issuer under the Programme, which allows the issuance of various Series of Notes backed by segregated pools of assets. The Participating Assets of VST1, as defined in the Eligibility Criteria, consist of negotiable certificates of deposit (“NCDs”) with tenors of up to five years, and are limited to registered bank NCDs of the five largest banks in South Africa, namely FirstRand Bank Ltd (“FSR”), Absa Bank Ltd (“ABL”), Nedbank Ltd (“NED”), the Standard Bank of South Africa Ltd (“SBK”) and Investec Bank Ltd (“INL”).
GCR Ratings affirmed the short-term programme rating assigned to the Class A Notes issued by Vineyard Road Investments (RF) Ltd under the Vineyard Road Series Transaction 1 .The Issuer may also issue unrated Class B Notes. To date, no Class B Notes or Guaranteed Notes have been issued by VRI.
The national scale ratings assigned to the Class A Notes relate to the timely payment of interest and timely payment of principal by the respective final maturity date of the Class A Notes. The rating excludes an assessment of the ability of the Issuer to pay either any early repayment or default interest rate penalties.
The final, public rating accorded to the Class A Notes relates to timely payment of interest and ultimate payment of principal. The Issuer may also issue Class B Notes that are unrated. The rating of the Class A Notes is derived from the short-term credit rating of the Participating Assets - please refer to the Rating Considerations section of the Report.
The rating excludes an assessment of the ability of the Issuer to pay any (early repayment) penalties.
|Issue Name||Rating||Country||Rating Published|
|Class A Notes||Short Term rating: A1+(ZA)(sf);||South Africa||12-03-2021 0:00:00|