NTPI - Notification of a Change to the Credit Rating of certain notes issued by the Issuer
NTPI - Notification of a Change to the Credit Rating of certain notes issued by the Issuer:
NTPI - Notification of a Change to the Credit Rating of certain notes issued by the Issuer
Nitro Programme (RF) Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2018/453364/06)
Company code: NTPI
(Nitro or the issuer)
NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF CERTAIN NOTES ISSUED BY THE ISSUER
Noteholders are advised that Moody's Investors Service (Moody's) has, on 3 April 2020, amended the national
scale ratings of the notes listed below, in terms of the Nitro Asset Backed Securities Programme:
Bond code Type of rating From To Rating changed
N7B25 Global scale Baa1 (sf) Baa1 (sf) N
N7B25 National scale Aaa.za (sf) Aaa.za (sf) N
N7C25 Global scale B2 (sf) B2 (sf) N
N7C25 National scale Ba2.za (sf) Ba1.za (sf) Y
N7D25 Global scale Caa2 (sf) Caa2 (sf) N
N7D25 National scale Caa2.za (sf) Caa1.za (sf) Y
The above rating action follows the weakening of the South African government's credit profile, as captured by the
Moody's downgrade of the sovereign rating on 27 March 2020, while considering the current performance and
amortisation of the transaction.
The full credit ratings report has been made available at the below link
https://www.moodys.com/research/Moodys-takes-rating-actions-on-South-African-RMBS-and-ABS--PR_421849.
6 April 2020
Debt sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 06-04-2020 04:35:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
