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Notification of Credit Rating Affirmation of Parent Guarantor
enX Corporation Limited
(Previously Eqstra Corporation Limited)
(Incorporated in the Republic of South Africa)
(Registration No. 1984/007045/06)
Company code: BIEQS1
( “the Company”)
NOTIFICATION OF CREDIT RATING AFFIRMATION OF PARENT GUARANTOR
Bondholders are advised that Global Credit Ratings (“GCR”) has affirmed the national scale issuer
ratings assigned to enX Leasing Investments Proprietary Limited (formerly Eqstra Investments
Proprietary Limited), the Company’s parent guarantor, at zaBBB in the long term and zaA3 in the short-
term, with the outlook accorded as Stable.
GCR stated that both the Industrial Equipment (IE) and Fleet Management and Logistics (FML)
divisions “….are leading players in their respective industries. The sustainability of IE and FML’s annuity
income is supported by their high-quality client bases, comprising predominantly of blue chip groups.
Positively, all key management have been retained post the Eqstra transaction and remain
incentivised to deliver strong growth going forward, leveraging off the improved access to capital
afforded by the transaction.”
GCR also noted that “As at 31 August 2017, enX Corporation Limited complied with all debt covenants,
with sufficient headroom. GCR has reviewed cash flow models which indicate that cash flows will be
sufficient to meet debt obligations in 2018 as well as required capex for the IE and FML
businesses…While R612m in bonds are set to mature in April 2018, enX Leasing Investments has
already begun putting in place facilities to meet the required redemption through a syndicated loan.
In addition, the issuance of a new R70m 5-year bond in July and September 2017 indicates that enX
has a renewed ability to tap funding from the banking and debt capital markets.”
The full rating announcement issued by GCR is available at www.enxgroup.co.za\dmtn-programme
30 November 2017
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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