TRANSSEC 2 (RF) LIMITED - Credit Rating Upgrade of Transsec 2 (RF) Limited Notes

Credit Rating Upgrade of Transsec 2 (RF) Limited Notes

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

Stock Codes: TRA2A2, TRA2A3, TRA2A5, TRA2A6, TRA2B1, TRA2B2


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



On 29 November 2018, S&P Global Ratings raised to 'zaAA+ (sf)' its South African national
scale credit ratings accorded to the class A2, A3, A5, A6 and B1 and B2 notes to ‘zaAA+ (sf)’
issued by Transsec 2 (RF) Limited. The South African national scale credit rating accorded to
the class C1 and C2 notes were affirmed at ‘ZaA (sf)’ (see list below).


      Stock Code                    Class                   Rating from:                             Rating to:
       TRA2A2                        A2                      zaAA- (sf)                              zaAA+ (sf)
       TRA2A3                        A3                      zaAA- (sf)                              zaAA+ (sf)
       TRA2A5                        A5                      zaAA- (sf)                              zaAA+ (sf)
       TRA2A6                        A6                      zaAA- (sf)                              zaAA+ (sf)
        TRAB1                        B1                      zaAA- (sf)                              zaAA+ (sf)
        TRAB2                        B2                      zaAA- (sf)                              zaAA+ (sf)


The upgrades to the above mentioned notes are as a result of S&P’s full review of the
transaction’s credit, cash flow, counterparty and operational risks and the revision of S&P’s
South African national scale rating mapping table. This has resulted in Transsec 2 (RF) Limited’s
ratings no longer being under observation. As per S&P’s current counterparty criteria, the
national scale credit ratings of the class A2, A3, A5, A6, B1 and B2 notes are capped at the long
term national scale issuer credit rating of FirstRand Bank (‘zaAA+’), due to its role as the
transaction bank account provider.



Date: 3 December 2018
Debt Sponsor
The Standard Bank of South Africa Limited

                                                                                                                    Transsec 2 RF Ltd
                                                                                                     Registration No. 2014/209982/07
                                                                                              A Transaction Capital Limited company
                                                                179 – 15th Road, Randjespark, Midrand • Box 41888, Craighall, 2024
                                                                         Tel: 011 550 9300 • Fax : 011 447 2885 • www.sataxi.co.za
                                                                     Directors : L. Cardoso, O. Ferreira*, R . Thanthony*, J . Trevena*
                                                                                                                     (*Non-Executive)
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