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TRANSSEC 2 (RF) LIMITED - Credit Rating Downgrade of Transsec 2 RF Limited Notes

Release Date: 07/06/2017 16:15
Code(s): TRA2A3 TRA2A6 TRA2A2 TRA2A5 TRA2A1 TRA2A4     PDF:  
Wrap Text
Credit Rating Downgrade of Transsec 2 RF Limited Notes

Transsec 2 RF Limited
(Incorporated with limited liability in the Republic of South Africa)
(Registration number 2014/209982/07)
Formerly called Transsec 2 Proprietary Limited (with registration number 2014/209982/07)
(“Transsec 2”)


Credit Rating Downgrade of Transsec 2 RF Limited Notes

Date: 07 June 2017


Stock Code: TRA2A1, TRA2A2, TRA2A3, TRA2A4, TRA2A5, TRA2A6


Authorised Programme size                                               R4,000,000,000
Total notes issued                                                      R 847,000,000

As a direct consequence of its downgrade of the South African sovereign and FirstRand Bank
Limited (the account bank of Transsec 2) credit ratings, on April 13, 2017, S&P Global Ratings
placed on CreditWatch negative its ratings on Transsec 2 RF Limited class A notes.

Following the downgrade of the sovereign rating and the subsequent downgrades of the South
African banks, no bank in South Africa meets the S&P Global Ratings prescribed minimum rating
level for the account bank function. Transsec 2 RF Limited is therefore unable to find a suitably
rated account bank for the transaction to maintain the previous rating levels.

On June 6, 2017, S&P Global Ratings lowered to 'zaA (sf)' and removed from CreditWatch
negative its South Africa national scale credit ratings on Transsec 2 RF Limited class A1, A2, A3,
A4, A5, and A6 notes (see list below).


          Stock Code                                         Class                             Rating From:                                                    Rating to:
           TRA2A1                                             A1                           zaAAA (sf)/Watch Neg                                                 zaA (sf)
           TRA2A2                                             A2                           zaAAA (sf)/Watch Neg                                                 zaA (sf)
           TRA2A3                                             A3                           zaAAA (sf)/Watch Neg                                                 zaA (sf)
           TRA2A4                                             A4                           zaAAA (sf)/Watch Neg                                                 zaA (sf)
           TRA2A5                                             A5                           zaAAA (sf)/Watch Neg                                                 zaA (sf)
           TRA2A6                                             A6                           zaAAA (sf)/Watch Neg                                                 zaA (sf)




Debt Sponsor
The Standard Bank of South Africa Limited


                                                                                                                                                                                    
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