NQABA FINANCE 1 (RF) LIMITED - Response the review for downgrade by Moodys - NQA
NQ1A10 NQ1B10 NQ1C10 NQ1A24 NQ1A25 NQ1A27 NQ1A28 NQ1B17 NQ1B20 NQ1B21 NQ1C17 NQF1D5 201905280031A
Response the review for downgrade by Moody's - NQA
NQABA FINANCE 1 (RF) LIMITED
Registration Number 2005/040050/07
(JSE Alpha code: NQA)
("NQABA")
Nqaba Finance 1 (RF) Limited (Nqaba) – Response the review for downgrade by Moody's
Moody's Investor Service (Moody's) announced yesterday that it has placed on review for downgrade
the global scale ratings (GSR) and national scale ratings (NSR) of Nqaba Finance 1 (RF) Limited
(Nqaba), a South African residential mortgage?backed securities (RMBS) transaction, due to
uncertainty related to data quality, and effectiveness of transaction governance.
The transaction is a securitisation of South African prime mortgage loans mainly to employees from
the Eskom Group in South Africa. Mortgages are granted by Eskom Finance Company SOC Limited
(EFC, unrated), a subsidiary of the utilities company Eskom Holdings SOC Limited (Eskom; B2 LT
corporate family rating negative outlook, NSR Ba2.za).
Nqaba Management notes the announcement and is currently in discussion with Moody's. Nqaba
Management further undertakes to provide updates to investors in due course.
For further information, please contact:
Eskom Finance Company SOC Ltd
Megawatt Park
Maxwell Drive
Sunninghill
2157
Ettienne Bester
Tel +27 11 800 5405
Email: besteret@eskom.co.za
Johannesburg
28 May 2019
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
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