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09 Nov 2010
Approx ZAR 594.7 mln of debt securities rated.
Johannesburg, November 09, 2010 -- Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Commissioner Street No.1 (Proprietary)
Rand 413.0M A1 Floating Rate Notes, Assigned (P)Aaa (sf)/
Rand 181.7M A2 Floating Rate Notes, Assigned (P)Aaa (sf)/
The transaction is a static repackaging of three medium-term loans
extended by the originator, ABSA Bank Ltd, to a single obligor,
Transnet (A3/P-2) in South Africa. The loans are fully guaranteed
by Finnvera Plc, an Export Credit Agency ("ECA") guarantee
provider owned by the state of Finland (Aaa). The seller also acts
as servicer of the three loans repackaged. The structure includes
a Guarantee Holder, Barclays Bank Plc (Aa3/ P-1), which
acts on behalf of the issuer to enforce the guarantee if necessary.
The portfolio consists of three separate medium-term loans which
were originated in 2009 and which started to amortise in that year.
There is a fixed quarterly repayment schedule for each of the loans over
a period of nine years. The loans are subject to a fixed interest
rate. The loans support the financing of imported equipment from
The loans (R567 mln) will be funded through the issuance of the Class
A1 and A2 notes which also fund the balance of R27 mln which will be deposited
in the Issuer account at closing and can be used to fund liquidity shortfalls
in the event of a payment disruption. The level of this reserve
is sufficient to cover two quarters of interest and fees. The unrated
Class B note will fund the purchase price premium on the loans.
Moody's assessed the structure which contains a guarantee for the
loans from Finnvera. No analysis of the underlying loans was conducted.
In the event of a default of the obligor, the guarantee holder is
obliged within 10 days of becoming aware of such default to advise the
guarantor of the default. The guarantor which in turn is required
to make the guarantee payment within 30 days. The cash reserve
is intended to cover for any interest and fees that may be required to
be paid during this period. The guarantor has the option,
upon a default, to accelerate payment of all amounts still outstanding
from the obligor.
Moody's has taken into account in its assessment of the transaction
the operational risk that the guarantee holder may fail to make a timely
demand in the event of a default. There are triggers in place to
replace the guarantee holder if necessary and in the event of a replacement
guarantee holder not yet being in place, the issuer is entitled
to act in its place.
The loans are fully guaranteed by Finnvera Plc, owned by the Government
of Finland. All scheduled principal and interest repayments of
the loans are guaranteed by the Finnish export credit agency, Finnvera.
Finnvera is state-owned and has been established as the state-supported
export credit arm via Finnish legislation. The guarantees provided
by Finnvera are in turn fully backed by the Government of Finland (Aaa)
in terms of this legislation. As such, the methodology and
rating of the notes is solely based upon the assessment of Finnvera and
the rating of the guarantor's owner and the continued ownership
by this party of the guarantor. In addition, given that the
global local currency ceiling in South Africa is currently Aa2,
Moody's also took this into account as well as the ability of the
guarantor to access South African Rands if called upon to do so in terms
of the guarantee and believes the risk is still commensurate with the
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or financial
instruments in this transaction.
The ratings address the expected loss posed to investors by legal final
maturity of the notes. In Moody's opinion, the structure
allows for timely payment of interest and ultimate payment of principal
with respect to the notes by legal final maturity. Moody's
rating addresses only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a significant
effect on yield to investors.
No model was used in this analysis.
Moody's National Scale Ratings (NSRs) are intended as relative measures
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enabling market participants to better differentiate relative risks.
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modifier signifying the relevant country, as in ".mx"
for Mexico. For further information on Moody's approach to national
scale ratings, please refer to Moody's Rating Implementation Guidance
published in August 2010 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings."
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, parties not involved in the ratings,
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Moody's Investors Service considers the quality of information available
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a credit rating.
In addition Moody's publishes a weekly summary of structured finance
credit, ratings and methodologies, available to all registered
users of our website, at www.moodys.com/SFQuickCheck.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
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and accurate data may not be available. Consequently, Moody's
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and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service South Africa (Pty) Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Senior Vice President
Structured Finance Group
Moody's Italia S.r.l
Moody's Investors Service South Africa (Pty) Ltd.
Moody's Investors Service assigns provisional ratings to notes to be issued by Commissioner Street No. 1 (Pty) Ltd.
2 Maude Street
No Related Data.
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