THE THEKWINI FUND 13 (RF) LIMITED - Moody's Recalibrates South Africa's National Rating Scale Rating and Repositions National Scale Ratings in Structure

Moody's Recalibrates South Africa's National Rating Scale Rating and Repositions National Scale Ratings in Structure

The Thekwini Fund 13 (RF) Limited
(incorporated with limited liability in the Republic of South
Africa)
(Registration number: 2014/064933/06)

Instrument    Code:   TH13B1   ISIN:    ZAG000129131
Instrument    Code:   TH13B2   ISIN:    ZAG000131657
Instrument    Code:   TH13B3   ISIN:    ZAG000133943
Instrument    Code:   TH13B4   ISIN:    ZAG000136441

Moody's Recalibrates South Africa's National Rating Scale
Rating and Repositions National Scale Ratings in Structured
Finance Transactions

Noteholders are advised of Moody’s Investor Service’s recent
repositioning of the national scale ratings OF 33 South
African structured finance notes in conjunction with the
recalibration of South African national rating scale.

Kindly take note of the below instruments which have been
affected by the change in Moody’s methodology change below:

Instrument        Tranche      Prior       Prior          Current/Revised
                  Number       Rating      National       National Scale
                                           Scale Rating   Rating
ZAG000129131      B1           Baa2        A1.za          Aa1.za
ZAG000131657      B2           Baa2        A1.za          Aa1.za
ZAG000133943      B3           Baa2        A1.za          Aa1.za
ZAG000136441      B4           (P)Baa2     (P)A1.za       (P) Aa1.za

For more details on the revision of the ratings methodology
process, please see below link to Moody’s website:

https://www.moodys.com/research/Moodys-recalibrates-South-
Africas-national-rating-scale-and-repositions-national--
PR_348599



16 May 2016

Debt Sponsor
The Standard Bank of South Africa Limited

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