TRANSSEC (RF) LIMITED - Transsec (RF) Limited-Credit Rating Upgrade

Transsec (RF) Limited-Credit Rating Upgrade

Transsec RF Limited
(Incorporated with limited liability in the Republic of South Africa)
(Registration number 2012/209822/06)
Formerly called Transsec Proprietary Limited (with registration number 2012/209822/07)
(“Transsec”)
Bond Codes: TRAA2, TRAB1, TRAC1, TRAD1




Credit Rating Upgrade of Transsec (RF) Limited Notes

Authorised Programme size                      R4,000,000,000
Total notes issued                             R1,193,000,000



On 24 October 2018, S&P Global Ratings raised to 'zaAA+ (sf)' its South African national scale
credit ratings accorded to the class A2, B1 and C1 notes and to ‘zaAA (sf)’ its South African
national scale credit rating accorded to the class D1 note (see list below), issued by Transsec
(RF) Limited.


       Stock Code                      Class                     Rating from:                              Rating to:
         TRAA2                          A2                        zaAA- (sf)                               zaAA+ (sf)
         TRAB1                          B1                        zaAA- (sf)                               zaAA+ (sf)
         TRAC1                          C1                        zaAA- (sf)                               zaAA+ (sf)
         TRAD1                          D1                        zaA+ (sf)                                 zaAA (sf)


The upgrades to the above-mentioned notes are as a result of S&P’s full review of the
transaction’s credit, cash flow, counterparty and operational risks and the revision of S&P’s
South African national scale rating mapping table. This has resulted in Transsec (RF) Limited’s
ratings no longer being under observation. As per S&P’s current counterparty criteria, the
national scale credit ratings of the class A2, B1 and C1 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.



Date: 26 October 2018
Debt Sponsor
The Standard Bank of South Africa Limited


                                                                                                                           Transsec RF Ltd
                                                                                                           Registration No.2012/209822/06
                                                                                                   A Transaction Capital Limited company
                                                                     179 – 15th Road, Randjespark, Midrand • Box 41888, Craighall, 2024
                                                                              Tel: 011 550 9300 • Fax : 011 447 2885 • www.sataxi.co.za
                                                                          Directors : L. Cardoso, O. Ferreira *, R . Thanthony*, J . Trevena*
                                                                                                                           (*Non-Executive)
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