MW ASSET RENTALS (RF) LIMITED - Change in Credit Rating - MWAR01

Change in Credit Rating - MWAR01

MW Asset Rentals (RF) Limited
Reg No 2002/030074/06
Incorporated in the Republic of South Africa
(“MWAR” or “the Company”)

JSE Code: MWAR01
ISIN No: ZAG000140617

Ratings Lowered On ABS Transaction MW Asset Rentals (RF)'s Class A
Notes

Noteholders are referred to S&P Global Ratings (S&P) press release
issued on 15 August 2017. S&P have lowered MWAR’s global scale credit
rating on the class A notes to 'BB+ (sf)' from 'A- (sf)', and South
African national scale rating to 'zaAA (sf)' from 'zaAAA (sf)'.

Following the downgrade of South Arica and subsequent downgrade of
Nedbank Limited, Nedbank’s rating as the account bank to the
transaction, no longer meets S&P’s counterparty criteria to support
the previous ratings on MWAR’s class A notes. In addition there are
no other banks in South Africa that would meet S&P’s counterparty
criteria relating to the account bank to support the previous
ratings.



17 August 2017

Sponsor
Nedbank CIB a division of Nedbank Limited

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