| Wed 7 Jun 2017, 16:15 | | TRANSSEC 2 (RF) LIMITED - Credit Rating Downgrade of Transsec 2 RF Limited Notes |
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TRA2A3 TRA2A6 TRA2A2 TRA2A5 TRA2A1 TRA2A4 201706070032A
Credit Rating Downgrade of Transsec 2 RF Limited Notes
Transsec 2 RF Limited
(Incorporated with limited liability in the Republic of South Africa)
(Registration number 2014/209982/07)
Formerly called Transsec 2 Proprietary Limited (with registration number 2014/209982/07)
(“Transsec 2”)
Credit Rating Downgrade of Transsec 2 RF Limited Notes
Date: 07 June 2017
Stock Code: TRA2A1, TRA2A2, TRA2A3, TRA2A4, TRA2A5, TRA2A6
Authorised Programme size R4,000,000,000
Total notes issued R 847,000,000
As a direct consequence of its downgrade of the South African sovereign and FirstRand Bank
Limited (the account bank of Transsec 2) credit ratings, on April 13, 2017, S&P Global Ratings
placed on CreditWatch negative its ratings on Transsec 2 RF Limited class A notes.
Following the downgrade of the sovereign rating and the subsequent downgrades of the South
African banks, no bank in South Africa meets the S&P Global Ratings prescribed minimum rating
level for the account bank function. Transsec 2 RF Limited is therefore unable to find a suitably
rated account bank for the transaction to maintain the previous rating levels.
On June 6, 2017, S&P Global Ratings lowered to 'zaA (sf)' and removed from CreditWatch
negative its South Africa national scale credit ratings on Transsec 2 RF Limited class A1, A2, A3,
A4, A5, and A6 notes (see list below).
Stock Code Class Rating From: Rating to:
TRA2A1 A1 zaAAA (sf)/Watch Neg zaA (sf)
TRA2A2 A2 zaAAA (sf)/Watch Neg zaA (sf)
TRA2A3 A3 zaAAA (sf)/Watch Neg zaA (sf)
TRA2A4 A4 zaAAA (sf)/Watch Neg zaA (sf)
TRA2A5 A5 zaAAA (sf)/Watch Neg zaA (sf)
TRA2A6 A6 zaAAA (sf)/Watch Neg zaA (sf)
Debt Sponsor
The Standard Bank of South Africa Limited
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