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Global Credit Rating Co. (Pty) Ltd affirms Bayport Securitisation (RF) Ltd credit ratings
Bayport Securitisation (RF) Ltd Transaction Capital Limited
(Incorporated with limited liability in the Republic of South Africa) (Incorporated with limited liability in the Republic of South Africa)
(Registration number 2008/003557/06) (Registration number 2002/031730/06)
(“Bayport Securitisation”) JSE Share Code: TCP
ISIN: ZAE000167391
(“Transaction Capital”)
GLOBAL CREDIT RATING CO. (PTY) LTD AFFIRMS BAYPORT SECURITISATION (RF) LTD
CREDIT RATINGS, OUTLOOK CHANGED TO NEGATIVE FROM STABLE
On 24 July 2013, Global Credit Rating Co. (Pty) Ltd (“GCR”) affirmed Bayport Securitisation local national scale Class A
note ratings of A(za)(sf)/A1(za)(sf). The outlook for the long term rating was changed to negative from stable.
In its report, GCR cites amongst its reasons for the outlook change, the gradual slowdown in collections from the
underlying loan portfolio as well as the seasoning of the loan book. The tougher market environment as well as a
lengthening of the underlying loan book are noted as reasons for the trend.
Bayport Securitisation acknowledges that the environment has become more challenging and believes that all of the
necessary credit interventions and collections processes together with increased provisioning and capital levels have
been introduced to optimise the portfolio in the coming months. This includes a deliberate slowing of originations in
order to focus on improved credit quality.
The Noteholders’ attention is also drawn to the SENS announcement of 11 July 2013 in which Standard & Poor’s
Ratings Services rated Bayport Securitisation Class A notes at zaA (sf)/zaA-1 (sf) for the first time.
24 July 2013
Debt Sponsor
Deutsche Bank AG, Johannesburg Branch
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