Sharenet Sites 
Sharenet Sites
New Rating assigned under South African Securitisation Programme (RF) Ltd - Series 3
South African Securitisation Programme (RF) Limited
(Registration No: 1991/002706/06)
Formerly called South African Securitisation Programme (Proprietary)
Limited
(with registration number 1991/002706/07)
(“South African Securitisation Programme”)
Incorporated with limited liability in the Republic of South Africa
GLOBAL CREDIT RATING CO (“GCR”) ASSIGNS NEW RATINGS UNDER THE SOUTH
AFRICAN SECURITISATION PROGRAMME (RF) LTD – SERIES 3
On 31 August 2022 GCR affirmed the national scale AAA(ZA)(sf) rating
assigned to the Class A notes with a Stable Outlook. At the same time
GCR downgraded the Class B notes from AA+(ZA)(sf) to AA(ZA)(sf) and
the Class C notes from A-(ZA)(sf) to BBB-(ZA)(sf), both with Stable
Outlooks. The downgrades of the ratings assigned to the Class B and
Class C Notes are not related to a deterioration of the credit
performance of the asset portfolio, but are attributable to lower
recovery rate assumptions driven by a new extrapolation method and, to
a larger extent, a shorter time to the existing legal final maturity
date assumed for modelling purposes
For further information please contact:
Mr. Dhesegan Govender (Sasfin Bank Limited) (011) 809 7892
Waverley
1 September 2022
Debt Sponsor
Sasfin Bank Limited
Date: 01-09-2022 12:24:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
