NQABA FINANCE 1 (RF) LIMITED - Response the review for downgrade by Moodys - NQA

Response the review for downgrade by Moody’s - NQA

NQABA FINANCE 1 (RF) LIMITED
Registration Number 2005/040050/07
(JSE Alpha code: NQA)
(“NQABA")

Nqaba Finance 1 (RF) Limited (Nqaba) – Response the review for downgrade by Moody’s

Moody’s Investor Service (Moody’s) announced yesterday that it has placed on review for downgrade
the global scale ratings (GSR) and national scale ratings (NSR) of Nqaba Finance 1 (RF) Limited
(Nqaba), a South African residential mortgage?backed securities (RMBS) transaction, due to
uncertainty related to data quality, and effectiveness of transaction governance.

The transaction is a securitisation of South African prime mortgage loans mainly to employees from
the Eskom Group in South Africa. Mortgages are granted by Eskom Finance Company SOC Limited
(EFC, unrated), a subsidiary of the utilities company Eskom Holdings SOC Limited (Eskom; B2 LT
corporate family rating negative outlook, NSR Ba2.za).

Nqaba Management notes the announcement and is currently in discussion with Moody’s. Nqaba
Management further undertakes to provide updates to investors in due course.

For further information, please contact:
Eskom Finance Company SOC Ltd
Megawatt Park
Maxwell Drive
Sunninghill
2157
Ettienne Bester
Tel +27 11 800 5405
Email: besteret@eskom.co.za

Johannesburg
28 May 2019

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)

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