THE THEKWINI FUND 15 (RF) LIMITED - THTI-Credit Rating Adjustment

THTI-Credit Rating Adjustment

The Thekwini Fund 15 (RF) Limited
(incorporated with limited liability in the Republic of South
Africa)
(Registration number: 2017/052656/06)
ISSUER CODE: THTI



The Thekwini Fund 15 (RF) Limited: Moodys ratings action

Moody’s Investor Services announced the following rating
actions in relation to the Notes outstanding under the The
Thekwini Fund 15 (RF) Limited programme:

Class of   Rating Type       Prior Rating   Current
Notes                                       Rating
Class A1   Global Scale      A2 (sf)        A3 (sf)
           Rating
           National Scale    Aaa.za (sf)    Aaa.za (sf)
           Rating
Class A2   Global Scale      A2 (sf)        A3 (sf)
           Rating
           National Scale    Aaa.za (sf)    Aaa.za (sf)
           Rating
Class A3   Global Scale      A2 (sf)        A3 (sf)
           Rating
           National Scale    Aaa.za (sf)    Aaa.za (sf)
           Rating
Class B1   Global Scale      Baa3 (sf)      Baa3 (sf)
           Rating
           National Scale    Aa1.za (sf)    Aaa.za (sf)
           Rating
Class C1   Global Scale      Ba2 (sf)       Ba3 (sf)
           Rating
           National Scale    A2.za (sf)     A2.za (sf)
           Rating
Class A4   Global Scale      A2 (sf)        A3 (sf)
           Rating
           National Scale    Aaa.za (sf)    Aaa.za (sf)
           Rating
Class A5   Global Scale      A2 (sf)        A3 (sf)
           Rating
           National Scale    Aaa.za (sf)    Aaa.za (sf)
           Rating
Class B2   Global Scale      Baa3 (sf)      Baa3 (sf)
           Rating
           National Scale    Aa1.za (sf)    Aaa.za (sf)
           Rating
Class C2        Global Scale              Ba2 (sf)            Ba3 (sf)
                Rating
                National Scale            A2.za (sf)          A2.za (sf)
                Rating
Class A7        Global Scale              A2 (sf)             A3 (sf)
                Rating
                National Scale            Aaa.za (sf)         Aaa.za (sf)
                Rating
Class A8        Global Scale              A2 (sf)             A3 (sf)
                Rating
                National Scale            Aaa.za (sf)         Aaa.za (sf)
                Rating
Class B3        Global Scale              Baa3 (sf)           Baa3 (sf)
                Rating
                National Scale            Aa1.za (sf)         Aaa.za (sf)
                Rating
Class C3        Global Scale              Ba2 (sf)            Ba3 (sf)
                Rating
                National Scale            A2.za (sf)          A2.za (sf)
                Rating
Class OM4       Global Scale              P-2 (sf)            P-2 (sf)
                Rating
                National Scale            P-1.za (sf)         P-1.za (sf)
                Rating


For more detail the Moody’s press release can be found through
the following link:
https://www.moodys.com/research/Moodys-takes-rating-actions-on-South-African-RMBS-and-ABS--
PR_421849


8 April 2020

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 08-04-2020 04:39:00
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