The Thekwini Fund 14 (RF) Limited Rating Action by Moody’s Investor Services
The Thekwini Fund 14 (RF) Limited Rating Action by Moody’s Investor Services
The Thekwini Fund 14 (RF) Limited
(incorporated with limited liability in the Republic of South Africa)
(Registration number: 2015/327767/07)
ISSUER CODE: TKWI14
The Thekwini Fund 14 (RF) Limited Rating Action by Moody’s
Investor Services
In accordance with paragraph 6.8 of the JSE Debt Listings
Requirements, noteholders are hereby advised that on 26
November 2020, Moody’s Investors Service (“Moody’s) downgraded
The Thekwini Fund 14 (RF) Limited’s notes to the following
credit rating:
• Class C1 Secured Floating Rate Notes National Scale
Rating from A1.za to A2.za (the Class C Notes) (ISIN No.
ZAG000140484; Bond Exchange Listing Code TH14C1)
• Class C2 Secured Floating Rate Notes National Scale
Rating from A1.za to A2.za (the Class C Notes) (ISIN No.
ZAG000141987; Bond Exchange Listing Code TH14C2)
• Class C3 Secured Floating Rate Notes National Scale
Rating from A1.za to A2.za (the Class C Notes) (ISIN No.
ZAG000143868; Bond Exchange Listing Code TH14C3)
The rating downgrade of these notes follows the downgrade of
the ratings of the Government of South Africa to Ba2 from Ba1
with a negative outlook on 20 November 2020, which resulted in
the recalibration of the mapping of the National Scale
Ratings.
Further details on the rating action can be viewed on the
following link:
https://www.moodys.com/research/Moodys-takes-rating-actions-
on-South-African-RMBS-and-ABS--PR_436622
27 November 2020
Debt Sponsor
The Standard Bank of South Africa Limited
Date: 27-11-2020 05:27:00
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