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GCR Ratings affirms Emira's credit ratings
EMIRA PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/130842/06)
JSE share code: EMI ISIN: ZAE000203063
(Approved as a REIT by the JSE)
(“Emira”)
GCR RATINGS AFFIRMS EMIRA’S CREDIT RATINGS
Noteholders are advised that GCR Ratings (“GCR”) has, on 15 April 2020, affirmed Emira’s national
scale long-term and short-term Issuer ratings of A(ZA) and A1(ZA), respectively, with a stable outlook.
GCR has also affirmed the long-term issue rating of AA+(ZA)(EL) assigned to Emira’s senior secured
Notes, with a stable outlook.
The ratings were affirmed due to the sound performance of Emira’s small but relatively diverse
portfolio, which continued to underpin the ratings, despite heightened funding and asset risk faced by
the South African property sector. The stable outlook is a result of GCR’s expectations that Emira will
sustain sound through-the-cycle earnings from its rebalanced portfolio which, coupled with Emira’s
initiatives to conserve cash and sustain liquidity, should enable Emira to withstand the short-lived
COVID-19 related disruptions.
The full credit rating report has been made available at https://gcrratings.com/.
Bryanston
16 April 2020
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 16-04-2020 01:18:00
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