MW Asset Rentals (RF) Ltd - R2.5bn Lease Receivables Backed Note Programme

South Africa

MW Asset Rentals (RF) Limited

MW Asset Rentals (RF) Ltd is a R2.5bn Lease Receivables Backed Note Programme that issued R1.250m of Class A Notes. On 07 September 2020, GCR Ratings assigned the following national scale long term issue credit rating and outlook to the following Notes issued by MW Asset Rentals (RF) Ltd , under its R2.5bn Lease Receivables Backed Note Programme, on 04 September 2020

Tokens: 3 Price: USD 300.00

MW Asset Rentals (RF) Ltd

MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) that issued R950m of Class A Notes. The Transaction has two Subordinated Loans outstanding with an aggregate value of R145,645,00. These are unrated and held by Merchant West (Pty) Ltd (as the Subordinated Loan Provider). Merchant West (Pty) Ltd is also the Originator, Seller and Servicer of the Transaction.

Tokens: 2 USD 150.00

MW Asset Rentals (RF) Limited

The Transaction has two Subordinated Loans outstanding with an aggregate value of R145,645,00. These are unrated and held by Merchant West (Pty) Ltd (as the Subordinated Loan Provider). Merchant West (Pty) Ltd is also the Originator, Seller and Servicer of the Transaction.

Tokens:1 Price: USD 75.00

MW Asset Rentals (RF) Limited

For the current surveillance, GCR reviewed the Transaction’s performance over the period since the last rating action which took place on the issuance of the MWAR03 Notes in November 2018. At that time, the Transaction was modelled under GCR’s Global Master Structured Finance Rating Criteria and Global Consumer Asset-Backed Securitisation Rating Criteria, both updated in September 2018. The performance remained within expectations and within all assumptions used on modelling the Transaction over the review period, i.e., the two quarters from November 2018 to April 2019. The Transaction’s Stop Purchase Triggers, including the Asset Cover Ratio (“ACR”) of 128%, Portfolio Covenants and Reserve Required Amounts were maintained. Arrears and defaults were stable and below the modelled base case assumptions.

MW Asset Rentals (2018-05)

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

MW Asset Rentals (RF) Ltd - R2.5bn Lease Receivables Backed Note Programme Current Ratings

Issue Name Rating Country Rating Published
MWAR05 - Class A Notes Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 07-09-2020 0:00:00
MWAR03 - Secured Class A Notes Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 07-09-2020 0:00:00
MWAR02 - Secured Class A Notes Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 07-09-2020 0:00:00
MWAR01 - Secured Class A Notes Long Term Rating: Withdrawn(ZA)(sf); South Africa 27-11-2019 0:00:00
MWAR04 - Secured Class A Notes Long Term Rating: AAA(ZA)(sf); Outlook: Stable South Africa 07-09-2020 0:00:00
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