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Rating Action:

Moody's downgrades South African structured finance ratings in line with revised local currency ceiling

20 Jul 2009

75 tranches downgraded and 28 transactions affected.

Frankfurt, July 20, 2009 -- Moody's Investors Service's has downgraded all Aaa- and Aa1-rated notes of outstanding South African ABS, RMBS, CMBS and repackaged securities to Aa2. The downgrades are a result of Moody's downgrading the country ceilings for South African local currency bond and deposits to Aa2 from Aaa, aligning the global scale structured finance ratings with the revised ceiling (see separate press release dated 16 July 2009 by Moody's Sovereign Risk Group). A detailed list of affected transactions and tranches can be found at the bottom of this press release.

Moody's says that the downgrade of the country ceilings was to better align South Africa with countries at similar stages of economic development and institutional strength, according to Moody's sovereign bond rating methodology. The country ceiling for local currency bonds is generally the highest rating for an issuer domiciled within a given country. This ceiling generally caps the ratings of specific securities and/or issuers within the country.

Moody's notes that none of these global scale rating actions for structured finance transactions is prompted by performance concerns of the underlying collateral portfolios. The rating agency emphasises that local currency country ceilings do not often change. They address, as described in Moody's Sovereign Risk Group's research, rather the general country-level risk. Moody's will review any potential implications of the Sovereign Risk Group rating action on its outstanding structured finance rating methodologies.

For more details on the affected notes, please see the reference at the end of this press release. In response to the sovereign rating changes, Moody's will not take any rating actions for structured finance securities with regards the outstanding national scale ratings.

For information on relevant methodologies please see Moody's Sovereign Group press release and rating action released in July 2009 as well as Moody's Rating Methodology "A Guide to Moody's Sovereign Ratings", December 2008.

Related rating actions for other Moody's lines of business will be announced separately.

LIST OF RATING ACTION:

Issuer: Accelerator Fund 2 (Proprietary) Limited

- Class A5, Downgraded to Aa2; previously on 3 August 2007 Assigned Aaa,

- Class A6, Downgraded to Aa2; previously on 3 August 2007 Assigned Aaa,

- Class B, Downgraded to Aa2; previously on 3 August 2007 Assigned Aaa, and

- Class C, Downgraded to Aa2; previously on 3 August 2007 Assigned Aa1.

Issuer: Blue Granite International ABS Plc Series 2007-1

- EUR Issue of Secured Floating Rate Notes due 2024, Downgraded to Aa2; previously on 22 March 2007 Assigned Aaa.

Issuer: Blue Granite Investments No. 1 (Proprietary) Limited

- Class A1, Downgraded to Aa2; previously on 3 August 2007, Assigned Aaa

- Class A2, Downgraded to Aa2, previously on 3 August 2007 Assigned Aaa,

- Class A3, Downgraded to Aa2, previously on 3 August 2007 Assigned Aaa, and

- Class A4, Downgraded to Aa2, previously on 3 August 2007 Assigned Aa1.

Issuer: Blue Granite Investments No. 3 (Proprietary) Limited

- Class A-0, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A-1, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A-2, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa, and

- Class A-3, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1.

Issuer: Blue Granite Investments No. 4 (Proprietary) Limited

- Class A0, Downgraded to Aa2; previously on 07 March 2007 Assigned Aaa,

- Class A1, Downgraded to Aa2; previously on 22 March 2007 Assigned Aaa, and

- Class A2, Downgraded to Aa2; previously on 07 March 2007 Assigned Aaa.

Issuer: Collateralised Auto Receivables Securitisation (CARS) 1 (Proprietary) Limited

- Class A2, Downgraded to Aa2; previously on 3 August 2007 Assigned Aaa.

Issuer: Collateralised Auto Receivables Securitisation (CARS) Programme - Series 1

- Class A3, Downgraded to Aa2; previously on 12 October 2006 Assigned Aaa,

- Class A3.2, Downgraded to Aa2; previously on 04 May 2007 Assigned Aaa,

- Class A4.2, Downgraded to Aa2; previously on 04 May 2007 Assigned Aaa,

- Class A4.3, Downgraded to Aa2; previously on 26 October 2007 Assigned Aaa, and

- Class A5.1, Downgraded to Aa2; previously on 26 October 2007 Assigned Aaa.

Issuer: Freestone Finance Company (Proprietary) Limited - Series 1

- Class A1 Commercial Mortgage Backed Floating Rate Notes Due June 2013, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1.

Issuer: Freestone Finance Company (Proprietary) Limited Series 2

- Class A1 Secured Notes due 27 March 2015, Downgraded to Aa2; previously on 03 April 2008 Assigned Aa1.

Issuer: GreenHouse Funding (Pty) Ltd -- Series 1

- Class A1, Downgraded to Aa2; previously on 10 December 2007 Assigned Aaa, and

- Class A2A, Downgraded to Aa2; previously on 10 December 2007 Assigned Aa1.

Issuer: Growthpoint Note Issuer Company (Proprietary) Limited -- Series 2

- Class A1 Notes, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1.

Issuer: Growthpoint Note Issuer Company (Proprietary) Limited - Series 3

- Class A1 Notes due 1 November 2011, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa.

Issuer: Homes Obligors Mortgage Enhanced Securities (Proprietary) Limited -- Series 1

- Class B1, Downgraded to Aa2; previously on 20 August 2007 Assigned Aa1,

- Class B2, Downgraded to Aa2; previously on 20 August 2007 Assigned Aa1,

- Class B3, Downgraded to Aa2; previously on 20 August 2007 Assigned Aa1,

- Class B4, Downgraded to Aa2; previously on 20 August 2007 Assigned Aa1,

- Class B5, Downgraded to Aa2; previously on 20 August 2007 Assigned Aa1, and

- Class B6, Downgraded to Aa2; previously on 20 August 2007 Assigned Aa1.

Issuer: Nitro International Securitisation Company 1 PLC

- Class A, Downgraded to Aa2; previously on 27 November 2006 Assigned Aaa.

Issuer: Nitro International Securitisation Company 2 PLC

- Class A, Downgraded to Aa2; previously on 30 May 2007 Assigned Aaa.

Issuer: Nitro Securitisation 1 (Proprietary) Limited

- Class A14, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa, and

- Class A15, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa.

Issuer: Nitro Securitisation 2 (Proprietary) Limited

- Class A12, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A13, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A14, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa, and

- Class A15, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa.

Issuer: Nitro Securitisation 3 (Proprietary) Limited

- Classs A9, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A10, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A11, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A12, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A13, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A14, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa, and

- Class A15, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1.

Issuer: Private Commercial Mortgages (Proprietary) Limited - Series 1

- Class A1 Repayment Notes due 20 April 2024, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A2 Notes due 20 April 2024, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa, and

- Class A3 Notes due 20 April 2024, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa.

Issuer: Private Commercial Mortgages (Proprietary) Limited - Series 2

- Class A1 Repayment Notes due 20 December 2025, Downgraded to Aa2; previously on 17 December 2008 Assigned Aa1, and

- Class A2 Notes due 20 December 2025, Downgraded to Aa2; previously on 17 December 2008 Assigned Aa1.

Issuer: Private Residential Mortgages (Proprietary) Limited -- Series 1

- Class A1-1, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1,

- Class A1-2, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1, and

- Class A1-3, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1.

Issuer: Private Residential Mortgages (Proprietary) Limited -- Series 2

- Class A2-C, Downgraded to Aa2; previously on 26 August 2008 Assigned to Aaa, and

- Class A4-D, Downgraded to Aa2; previously on 26 August 2008 Assigned Aaa.

Issuer: Silver Roof

- Class A, Downgraded to Aa2; previously on 9 June 2008 Assigned to Aaa.

Issuer: The Thekwini Fund 4 (Proprietary) Limited

- Class A1, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A2, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa, and

- Class A3, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa.

Issuer: The Thekwini Fund 5 (Proprietary) Limited

- Class A1, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A2, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa, and

- Class A3, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa.

Issuer: The Thekwini Fund 6 (Proprietary) Limited

- Class A1, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa,

- Class A2, Downgraded to Aa2; previously on 03 August 2007 Assigned Aaa, and

- Class A3, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1.

Issuer: The Thekwini Fund 7 (Proprietary) Limited

- Class A1, Downgraded to Aa2; previously on 18 October 2007 Assigned Aaa,

- Class A2a, Downgraded to Aa2; previously on 18 October 2007 Assigned Aaa, and

- Class A2b, Downgraded to Aa2; previously on 18 October 2007 Assigned Aaa.

Issuer: Vukile Investment Property Securitisation (Proprietary) Limited - Series 1

- Class A1, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1,

- Class A2, Downgraded to Aa2; previously on 03 August 2007 Assigned Aa1, and

- Class A3, Downgraded to Aa2; previously on 10 July 2009 Assigned Aa1.

www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF173810

Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Johannesburg
Dion Bate
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

Moody's downgrades South African structured finance ratings in line with revised local currency ceiling
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