Sharenet Sites 
Sharenet Sites
Change in Rating Agency and Affirmation of Credit Ratings - TSRF
Torque Securitisation (RF) Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2012/030043/06)
Company code: TSRF
(“Torque” or the “Issuer”)
CHANGE IN RATING AGENCY AND AFFIRMATION OF CREDIT RATINGS
Noteholders are advised that after following the due processes as
required in terms of the Programme documentation, Torque has
appointed Global Credit Rating Co. (“GCR”) as the replacement
agency for Fitch Ratings. This replacement was as a result of the
press release by the FSB dated 4 September 2015 advising of the
decision to deregister Fitch ratings as a rating agency.
On 29 April 2016, GCR allocated ratings to the Torque notes as
follows:
TORQ3 ZAR200 000 000.00, Class A3 notes due 15 August 2017 were
allocated a rating of ‘AAA(ZA)(sf)’, Outlook Stable.
TORQ7 ZAR250 000 000.00, Class A4 notes due 15 August 2019 were
allocated a rating of ‘AAA (ZA)(sf)’, Outlook Stable.
TORQ8 ZAR238 000 000.00, Class A5 notes due 17 August 2018 were
allocated a rating of ‘AAA(ZA)(sf)’, Outlook Stable.
TORQ9 ZAR84 000 000.00, Class B2 notes due 15 August 2018 were
allocated a rating OF ‘A+(ZA)(sf)’, Outlook Stable.
TORQ10 ZAR49 000 000.00, Class C2 notes due 15 August 2018 were
allocated a rating of ‘BBB(ZA)(sf)’, Outlook Stable.
The full rating report may be retrieved at the below link
https://globalratings.net/news/article/torque-securitisation-rf-
limited-new-ratings-accorded.
3 May 2016
Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 03/05/2016 01:30:00 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.
