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17 Dec 2010
Rand 573.97 million of debt securities rated
Johannesburg, December 17, 2010 -- Moody's Investors Service has assigned the following definitive
ratings to notes issued by Commissioner Street No.1 (Proprietary)
Rand 416.0M A1 Floating Rate Notes, Assigned Aaa (sf)/ Aaa.za
Rand 157.97M A2 Floating Rate Notes, Assigned Aaa (sf)/ Aaa.za
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/P-1). 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 the import of equipment
from Finnish suppliers.
The loans (R546.9 mln) will be funded through the issuance of the
Class A1 and A2 notes. The balance of R27 mln will be funded by
a cash reserve 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.
For clarity, the total rated notes have reduced from R594.7
mln to R573.97 mln as a result of continued amortisation of the
underlying loans since the date of the Pre Sale Report dated 09 November
2010. Class A1 notes have increased to R416 mln from R413 mln while
Class A2 notes have reduced from R181.7 mln to R159.97 mln.
This had no impact in credit analysis.
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 make a claim
for the defaulted amount from 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 the notes is solely based upon the assessment of Finverra 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 assigned ratings.
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
of creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative risks.
NSRs differ from Moody's global scale ratings in that they are not globally
comparable with the full universe of Moody's rated entities, but
only with NSRs for other rated debt issues and issuers within the same
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modifier signifying the relevant country, as in ".za"
for South Africa. 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,
and public information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
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
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
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Please see the ratings disclosure page on our website www.moodys.com
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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 assigns definitive ratings to notes issued by Commissioner Street No.1 (Proprietary) Limited
2 Maude Street
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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