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

NSLI - Notification of a change to the Credit Rating 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 RATING OF THE NOTES

Noteholders are advised that GCR Ratings (“GCR”) has, on 11 November 2020, affirmed the national
scale long term issue rating of the N6C26 and N6F26 notes and upgraded the credit rating on the
following notes:

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

The outlook has been accorded as Stable for the N6C26, N6E26and N6F26 notes and as Positive for
the N6D26 notes.

The rationale included by GCR in its rating announcement for the upgrade of the credit rating of the
N6D26 and N6E26 notes is due primarily to the sequential repayment of Notes principal on each
quarterly Payment Date since the previous surveillance conducted by GCR in May 2019. This
incremental amortisation of Notes in descending order of seniority leads to increases in credit
enhancement available through subordination to each outstanding Class of Notes (excluding the
unrated Class G Notes). The build-up of credit enhancement along with increased seasoning of the
underlying pool of Instalment Sale Agreements (“ISAs”) as they mature and the reasonable level of
recovery in observed performance thereof despite extremely stressful economic conditions leads to a
stressed cash flow modelling outcome whereby these Classes pass under the rating scenarios that are
reflected in the ratings accorded to them.



13 November 2020

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

Date: 13-11-2020 12:10:00
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