TRANSSEC 2 (RF) LIMITED - Credit Rating Downgrade Of Transsec 2 (RF) Limited Notes

Credit Rating Downgrade Of Transsec 2 (RF) Limited Notes

Transsec 2 RF Limited
(Incorporated with limited liability in the Republic of South Africa)
(Registration number 2014/209982/07)
Formerly called Transsec 2 Proprietary Limited (with registration number 2014/209982/07)
(“Transsec 2”)




Credit Rating Downgrade of Transsec 2 (RF) Limited Notes

Date: 20 December 2017


Stock Code: TRA2A1, TRA2A2, TRA2A3, TRA2A4, TRA2A5, TRA2A6


Authorised Programme size                                               R4,000,000,000
Total notes issued                                                      R 847,000,000


On December 19, 2017, S&P Global Ratings lowered to 'zaAA- (sf)' its South African national
scale credit ratings accorded to the class A1, A2, A3, A4, A5, and A6 notes (see list below),
issued by Transsec 2 (RF) Limited. The national scale credit ratings of the class B and class C
notes were affirmed at ‘zaAA- (sf)’ and ‘zaA (sf)’ respectively.


          Stock Code                                         Class                         Rating From:                                                    Rating to:
           TRA2A1                                             A1                            zaAA (sf)                                                      zaAA- (sf)
           TRA2A2                                             A2                            zaAA (sf)                                                      zaAA- (sf)
           TRA2A3                                             A3                            zaAA (sf)                                                      zaAA- (sf)
           TRA2A4                                             A4                            zaAA (sf)                                                      zaAA- (sf)
           TRA2A5                                             A5                            zaAA (sf)                                                      zaAA- (sf)
           TRA2A6                                             A6                            zaAA (sf)                                                      zaAA- (sf)



The downgrades to the above mentioned notes are a direct consequence of S&P’s downgrade in
the South African sovereign rating (on 24 November 2017) and subsequent downgrade in
FirstRand Bank Limited’s issuer credit ratings (on 29 November 2017). As per S&P’s current
counterparty criteria, the national scale credit ratings of the class A1 to class A6 notes are
capped at the long term national scale issuer credit rating of FirstRand Bank (‘zaAA-’), due to its
role as the transaction bank account provider.


Debt Sponsor
The Standard Bank of South Africa Limited

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