MW ASSET RENTALS (RF) LIMITED - MW Asset Rentals (RF)'s Class A Note Rating

MW Asset Rentals (RF)'s Class A Note Rating

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 29 December 2017. S&P have lowered MWAR’s global scale
credit rating on the class A notes to 'BB (sf)' from 'BB+ (sf)', and
South African national scale rating to 'zaAA- (sf)' from 'zaAA (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.



4 January 2017

Sponsor
Nedbank CIB a division of Nedbank Limited

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