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Global Credit Rating affirms issuer ratings of Vukile - BIVKEI
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE code: BIVKEI
(Granted REIT status with the JSE)
("Vukile" or "the Issuer")
GLOBAL CREDIT RATING AFFIRMS ISSUER RATINGS OF VUKILE
Noteholders are advised that Vukile has released R1.8 billion worth of properties secured to the
Group 1 Notes, being the VKE07, VKE09 and VKE10 senior secured notes ("the Group 1 Property
Portfolio"). After the release of the Group 1 Property Portfolio, the Transactional Loan to Value ratio of
33.7% remains well below the covenant level of 45%.
Despite the release of the Group 1 Property Portfolio, Global Credit Rating Co. ("GCR") calculated overall
recovery rate at 100%, which still carries the qualification "Excellent Recovery Prospects" based on GCR's
Global Structurally Enhanced Corporate Bonds Rating Criteria. Hence Vukile's rating has remained
unchanged and GCR has affirmed the rating of the Group 1 Notes as 'AA+(ZA)' with a Stable outlook.
GCR's credit rating announcement is publicly available on its website at
https://globalratings.net/news/article/vukile-property-fund-limited-senior-secured-floating-rate-notes-rating1
The R1.8 billion worth of properties released from this security pool, together with the release of the
R1.1 billion Namibian portfolio from a banking security pool increases the unsecured assets of the Issuer.
18 September 2018
JSE debt sponsor
Java Capital
Date: 18/09/2018 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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