NITRO SECURITISATION 6 (RF) LIMITED - NSLI - Notification of a change to the Credit Ratings of the Notes

NSLI - Notification of a change to the Credit Ratings of the Notes

Nitro Securitisation 6 (RF) Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2015/325900/06)
Company code: NSLI
(“Nitro 6” or the “Issuer”)


NOTIFICATION OF A CHANGE TO THE CREDIT RATINGS OF THE NOTES

Noteholders are advised that GCR Ratings (“GCR”) has, on 30 November 2021, amended the national
scale long term issue ratings of the N6D26, N6E26 and N6F26 notes (collectively, the “notes”) as
follows:

 Bond Code       Type of Rating                                           From          To
 N6D26           National Scale Long Term Issue Rating                    AA+(ZA)(sf)   AAA(ZA)(sf)
 N6E26           National Scale Long Term Issue Rating                    A-(ZA)(sf)    AAA(ZA)(sf)
 N6F26           National Scale Long Term Issue Rating                    BB+(ZA)(sf)   BB-(ZA)(sf)

The outlook has been accorded as stable for the notes.

As stated by GCR in its rating announcement, the upgrade of the credit ratings of the N6D26 and
N6E26 notes and downgrade of the N6F26 notes reflect the outcome of GCR’s Cash Flow Model. The
improved modelling result for the N6D26 and N6E26 can be explained by the significantly increased
credit enhancement via subordination available to these Classes against the backdrop of similar
modelled cumulative default base cases and identical modelled recovery base cases. Credit
enhancement increases with each quarterly incremental paydown of Notes as such Notes redemption
is sequential by Class seniority.

The N6F26 notes did not pass at their previously accorded rating of BB+(ZA)(sf).

For further information in this regard, please refer to the GCR report.


1 December 2021

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 01-12-2021 10:25:00
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