THE THEKWINI FUND 14 (RF) LIMITED - The Thekwini Fund 14 (RF) Limited Rating Action by Moodys Investor Services

The Thekwini Fund 14 (RF) Limited Rating Action by Moody’s Investor Services

The Thekwini Fund 14 (RF) Limited
(incorporated with limited liability in the Republic of South Africa)
(Registration number: 2015/327767/07)
ISSUER CODE: TKWI14

  The Thekwini Fund 14 (RF) Limited Rating Action by Moody’s
  Investor Services

  In accordance with paragraph 6.8 of the JSE Debt Listings
  Requirements, noteholders are hereby advised that on 26
  November 2020, Moody’s Investors Service (“Moody’s) downgraded
  The Thekwini Fund 14 (RF) Limited’s notes to the following
  credit rating:

    •   Class C1 Secured Floating Rate Notes National Scale
        Rating from A1.za to A2.za (the Class C Notes) (ISIN No.
        ZAG000140484; Bond Exchange Listing Code TH14C1)

    •   Class C2 Secured Floating Rate Notes National Scale
        Rating from A1.za to A2.za (the Class C Notes) (ISIN No.
        ZAG000141987; Bond Exchange Listing Code TH14C2)


    •   Class C3 Secured Floating Rate Notes National Scale
        Rating from A1.za to A2.za (the Class C Notes) (ISIN No.
        ZAG000143868; Bond Exchange Listing Code TH14C3)

  The rating downgrade of these notes follows the downgrade of
  the ratings of the Government of South Africa to Ba2 from Ba1
  with a negative outlook on 20 November 2020, which resulted in
  the recalibration of the mapping of the National Scale
  Ratings.

  Further details on the rating action can be viewed on the
  following link:

  https://www.moodys.com/research/Moodys-takes-rating-actions-
  on-South-African-RMBS-and-ABS--PR_436622

  27 November 2020

  Debt Sponsor
  The Standard Bank of South Africa Limited

Date: 27-11-2020 05:27:00
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