NITRO PROGRAMME (RF) LIMITED - NTPI - Notification of a Change to the Credit Rating of certain notes issued by the Issuer

NTPI - Notification of a Change to the Credit Rating of certain notes issued by the Issuer

Nitro Programme (RF) Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2018/453364/06)
Company code: NTPI
(Nitro or the issuer)

NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF CERTAIN NOTES ISSUED BY THE ISSUER

Noteholders are advised that Moody's Investors Service (Moody's) has, on 3 April 2020, amended the national
scale ratings of the notes listed below, in terms of the Nitro Asset Backed Securities Programme:

 Bond code             Type of rating            From               To                        Rating changed
 N7B25                 Global scale              Baa1 (sf)          Baa1 (sf)                 N
 N7B25                 National scale            Aaa.za (sf)        Aaa.za (sf)               N
 N7C25                 Global scale              B2 (sf)            B2 (sf)                   N
 N7C25                 National scale            Ba2.za (sf)        Ba1.za (sf)               Y
 N7D25                 Global scale              Caa2 (sf)          Caa2 (sf)                 N
 N7D25                 National scale            Caa2.za (sf)       Caa1.za (sf)              Y

The above rating action follows the weakening of the South African government's credit profile, as captured by the
Moody's downgrade of the sovereign rating on 27 March 2020, while considering the current performance and
amortisation of the transaction.

The full credit ratings report has been made available at the below link
https://www.moodys.com/research/Moodys-takes-rating-actions-on-South-African-RMBS-and-ABS--PR_421849.


6 April 2020

Debt sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 06-04-2020 04:35:00
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