TRANSSEC 3 (RF) LIMITED - Credit Rating Upgrade Of Transsec 3 (RF) Limited Note TRA3A5

Credit Rating Upgrade Of Transsec 3 (RF) Limited Note – TRA3A5

Transsec 3 (RF) Limited

Credit Rating Upgrade of Transsec 3 (RF) Limited Note

Date: 24 December 2018

Stock Code: TRA3A5


On 19 December 2018, Moody’s Investor Services raised to 'P-2 (sf)' its global scale credit rating (GSR)
accorded to the class A5 notes issued by Transsec 3 (RF) Limited. The South African national scale credit
rating accorded to the class A5 notes were affirmed at ‘P-1.za (sf)’ (see list below).


              Stock Code                  Class               Rating from:                    Rating to:
               TRA2A5                      A5                   P-3 (sf)                       P-2 (sf)


Today’s rating action reflects the correction in the reference point assumed by Moody’s to determine the
linkage of the Class A5 short term GSR to the rating of The Standard Bank of South Africa Limited, which
acted as liquidity facility provider. While the initial rating action was based on a reference point equal to
the short term bank deposits rating of the provider (P-3), the valid reference in the context of this
transaction is the short term counterparty risk assessment, P-2(cr). This correction has prompted the
upgrade of Class A5 GSR to P-2 (sf) from P-3 (sf).


Debt Sponsor
The Standard Bank of South Africa Limited

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