THE NITRO SECURITISATION 5 ISSUER TRUST - Notification of a change to the credit rating of the issuer
N5C23 N5D23 N5E23 201712190058A
Notification of a change to the credit rating of the issuer
The Nitro Securitisation 5 Issuer Trust
(Incorporated in the Republic of South Africa)
(Master’s Reference No. IT022168/2014)
Company code: NIT
(“Nitro 5” or “the Issuer”)
NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER
Bondholders are advised that the Issuer has formally accepted the rating assigned by S&P Global
Ratings (“S&P”) on 18 December 2017.
S&P has taken various rating actions on the class C, D, and E in Nitro Securitisation 5 Issuer Trust as
detailed below.
Rating Action Global / National Class of Notes From To
Scale Rating
Downgraded Global Scale C BB+ (sf) BB (sf)
Affirmed Global Scale D B (sf) B (sf)
Affirmed Global Scale E CCC (sf) CCC (sf)
Upgraded National Scale C zaA zaAA-
Upgraded National Scale D zaB zaBBB-
Upgraded National Scale E zaCCC zaB-
The rationale for the rating action is due to the full review by S&P of the transaction’s credit, cash
flow, counterparty, and operational risks under the relevant criteria. The rating action brings the
Global Scale ratings of the Class C notes in line with the rating for FirstRand Bank Ltd., while the
upgraded National Scale ratings reflect the recalibration of the South Africa national scale mapping
table.
The media release of the ratings assigned by S&P has been made available at the below link
http://www.rmb.co.za/globalmarkets/nitro.asp.
19 December 2017
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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