| Fri 26 Oct 2018, 11:46 | | TRANSSEC (RF) LIMITED - Transsec (RF) Limited-Credit Rating Upgrade |
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TRAA2 TRAB1 TRAC1 TRAD1 201810260032A
Transsec (RF) Limited-Credit Rating Upgrade
Transsec RF Limited
(Incorporated with limited liability in the Republic of South Africa)
(Registration number 2012/209822/06)
Formerly called Transsec Proprietary Limited (with registration number 2012/209822/07)
("Transsec")
Bond Codes: TRAA2, TRAB1, TRAC1, TRAD1
Credit Rating Upgrade of Transsec (RF) Limited Notes
Authorised Programme size R4,000,000,000
Total notes issued R1,193,000,000
On 24 October 2018, S&P Global Ratings raised to 'zaAA+ (sf)' its South African national scale
credit ratings accorded to the class A2, B1 and C1 notes and to ‘zaAA (sf)’ its South African
national scale credit rating accorded to the class D1 note (see list below), issued by Transsec
(RF) Limited.
Stock Code Class Rating from: Rating to:
TRAA2 A2 zaAA- (sf) zaAA+ (sf)
TRAB1 B1 zaAA- (sf) zaAA+ (sf)
TRAC1 C1 zaAA- (sf) zaAA+ (sf)
TRAD1 D1 zaA+ (sf) zaAA (sf)
The upgrades to the above-mentioned notes are as a result of S&P’s full review of the
transaction’s credit, cash flow, counterparty and operational risks and the revision of S&P’s
South African national scale rating mapping table. This has resulted in Transsec (RF) Limited’s
ratings no longer being under observation. As per S&P’s current counterparty criteria, the
national scale credit ratings of the class A2, B1 and C1 notes are capped at the long term
national scale issuer credit rating of FirstRand Bank (‘zaAA+’), due to its role as the transaction
bank account provider.
Date: 26 October 2018
Debt Sponsor
The Standard Bank of South Africa Limited
Transsec RF Ltd
Registration No.2012/209822/06
A Transaction Capital Limited company
179 – 15th Road, Randjespark, Midrand • Box 41888, Craighall, 2024
Tel: 011 550 9300 • Fax : 011 447 2885 • www.sataxi.co.za
Directors : L. Cardoso, O. Ferreira *, R . Thanthony*, J . Trevena*
(*Non-Executive)
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