THE THEKWINI FUND 9 (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 9 (RF) Limited
(incorporated with limited liability in the Republic of South
Africa)
(Registration number: 2011/001 385/06)
Instrument Code: THE9B1    ISIN: ZAG000087107
Instrument Code: THE9B2    ISIN: ZAG000089442
Instrument Code: THE9B3    ISIN: ZAG000092875
Instrument Code: THE9C1    ISIN: ZAG000087115
Instrument Code: THE9C2    ISIN: ZAG000089459
Instrument Code: THE9C3    ISIN: ZAG000092883


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
ZAG000092875   B3         Baa2      A2.za       Aaa.za
ZAG000092883   C3         Ba2       Baa2.za     Baa1.za
ZAG000087107   B1         Baa2      A2.za       Aaa.za
ZAG000087115   C1         Ba2       Baa2.za     Baa1.za
ZAG000089442   B2         Baa2      A2.za       Aaa.za
ZAG000089459   C2         Ba2       Baa2.za     Baa1.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
18 May 2016

Debt Sponsor
The Standard Bank of South Africa Limited

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