TRANSSEC 2 (RF) LIMITED - Credit Rating Upgrade

Credit Rating Upgrade

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 Upgrade of Transsec 2 RF Limited Notes

Date: 09 November 2017


Stock Code: TRA2A1, TRA2A2, TRA2A3, TRA2A4, TRA2A5, TRA2A6, TRA2B1, TRA2B2,
TRA2C1, TRA2C2


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

On November 08, 2017, S & P Global Ratings upgraded to 'zaAA (sf)' on Transsec 2 (RF)
Limited class A1, A2, A3, A4, A5 and A6 notes and upgraded to ‘zaAA- (sf) on Transsec 2 (RF)
Limited class B1 & B2 notes and upgraded to ‘zaA (sf) on Transsec 2 (RF) Limited class C1 &
C2 notes (see list below)


          Stock Code                                         Class                         Rating From:                                                    Rating to:
           TRA2A1                                             A1                             zaA (sf)                                                      zaAA (sf)
           TRA2A2                                             A2                             zaA (sf)                                                      zaAA (sf)
           TRA2A3                                             A3                             zaA (sf)                                                      zaAA (sf)
           TRA2A4                                             A4                             zaA (sf)                                                      zaAA (sf)
           TRA2A5                                             A5                             zaA (sf)                                                      zaAA (sf)
           TRA2A6                                             A6                             zaA (sf)                                                      zaAA (sf)
           TRA2B1                                             B1                             zaA (sf)                                                      zaAA- (sf)
           TRA2B2                                             B2                             zaA (sf)                                                      zaAA- (sf)
           TRA2C1                                             C1                            zaBBB (sf)                                                      zaA (sf)
           TRA2C2                                             C2                            zaBBB (sf)                                                      zaA (sf)


Please note that the ratings of the Class A1, A2, A3, A4, A5 and A6 notes have been capped at
the long term national scale issuer credit rating of FirstRand Bank Ltd (zaAA), due to its role as
the transaction bank account provider.


Debt Sponsor
The Standard Bank of South Africa Limited




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