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GCR affirms Vukile’s Senior Secured Group 1 Note Rating
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
Company code: VKEI
ISIN: ZAG000144734
(Granted REIT status with the JSE)
GCR AFFIRMS VUKILE’S SENIOR SECURED GROUP 1 NOTE RATING
Noteholders are advised that following the repayment of senior secured notes VKE07 and VKE09, in June
and July 2020, respectively, Vukile has released R1.9 billion worth of properties secured to the Senior
Secured Group 1 Notes (“the Group 1 Property Portfolio”). After the release of assets from the Group 1
Property Portfolio, the transactional Loan to Value Ratio of 31.0% remains well below the covenant level
of 45%.
Taking into consideration the release of assets from the Group 1 Property Portfolio, Global Credit Rating
Co. (“GCR”) has calculated the overall recovery rate for Group 1 Notes, which carries the qualification
“Superior” recovery prospects based on GCR’s Global Structurally Enhanced Corporate Bonds Rating Criteria.
Vukile’s rating has remained unchanged and GCR has affirmed the rating assigned to outstanding Senior
Secured Group 1 Notes issued by Vukile as ‘AAA(ZA)(EL)’ with a Stable outlook.
GCR’s credit rating announcement is publicly available on its website at
https://gcrratings.com/announcements/gcr-affirms-vukile-ratings-following-review-of-operating-
environment-scores-and-redemption-of-group-1-notes-outlook-stable/
21 July 2020
Debt sponsor
Java Capital
Date: 21-07-2020 05:30:00
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