TRANSSEC (RF) LIMITED - Credit Rating Downgrade Of Transsec (RF) Limited Noted

Credit Rating Downgrade Of Transsec (RF) Limited Noted

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: 20 December 2017


Stock Code: TRAA2, TRAB1, TRAC1


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



On 19 December 2017, S&P Global Ratings lowered to 'zaAA- (sf)' its South African national
scale credit ratings accorded to the class A2, B1 and C1 notes (see list below), issued by
Transsec (RF) Limited. The national scale credit rating of the class D1 notes was affirmed at
‘zaA+ (sf)’.


          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)


The downgrades to the above mentioned notes are a direct consequence of S&P’s downgrade in
the South African sovereign rating (on 24 November 2017) and subsequent downgrade in
FirstRand Bank Limited’s issuer credit ratings (on 29 November 2017). 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.


Debt Sponsor
The Standard Bank of South Africa Limited

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