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

Credit Rating Downgrade of Transsec RF Limited Notes

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”)


Credit Rating Downgrade of Transsec RF Limited Notes

Date: 07 June 2017


Stock Code: TRAA2, TRAB1, TRAC1


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


As a direct consequence of its downgrade of the South African sovereign and FirstRand Bank
Limited (the account bank for Transsec) credit ratings, on April 13, 2017, S&P Global Ratings
placed on CreditWatch negative its ratings on Transsec RF Limited class A to C notes.

Following the downgrade of the sovereign rating and the subsequent downgrades of the South
African banks, no bank in South Africa meets the S&P Global Ratings prescribed minimum rating
level for the account bank function. Transsec RF Limited is therefore unable to find a suitably
rated account bank for the transaction to maintain the previous rating levels.

On June 6, 2017, S & P Global Ratings lowered to 'zaA (sf)' and removed from CreditWatch
negative its South Africa national scale credit ratings on Transsec (RF) Limited class A2, B1 and
C1 notes (see list below).


          Stock Code                                         Class                           Rating From:                                                    Rating to:
            TRAA2                                             A2                         zaAAA (sf)/Watch Neg                                                 zaA (sf)
            TRAB1                                             B1                         zaAA+ (sf)/Watch Neg                                                 zaA (sf)
            TRAC1                                             C1                          zaA+ (sf)/Watch Neg                                                 zaA (sf)




Debt Sponsor
The Standard Bank of South Africa Limited




                                                                                                                                                                             

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