THE THEKWINI FUND 10 (RF) LIMITED - Moody's Recalibrates South Africa's National Rating Scale and Repositions National Scale Ratings in Structured Finan

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

The Thekwini Fund 10 (RF) Limited
(incorporated with limited liability in the Republic of South
Africa)
(Registration number 2012/030 394/06)

Instrument   Code:   TH10B1   ISIN:   ZAG000096090
Instrument   Code:   TH10B2   ISIN:   ZAG000100967
Instrument   Code:   TH10C1   ISIN:   ZAG000096116
Instrument   Code:   TH10C2   ISIN:   ZAG000100983

Moody's Recalibrates South Africa's National Rating Scale 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
ZAG000096090   B1         Baa2           A1.za       Aaa.za
ZAG000096116   C1         Ba1            A3.za       A1.za
ZAG000100967   B2         Baa2           A1.za       Aaa.za
ZAG000100983   C2         Ba1            A3.za       A1.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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