ABCP Conduits
Ivusi Investments (Pty) Ltd - Firstrand Bank
Fitch Affirms iVuzi at 'F1+(zaf)'
Fitch Ratings-Johannesburg/London-08 September 2011: Fitch Ratings has affirmed iVuzi Investments Limited's (iVuzi) asset-backed commercial papers (ABCP) at National Short-term 'F1+(zaf)', following a satisfactory review of the programme.
The review consisted of onsite discussions with the sponsor and administrator Rand Merchant Bank (RMB), a division of FirstRand Bank Limited ('AA(zaf)'/Stable/'F1+(zaf)'). The review covered commercial paper issuance, IT administration systems, administrative procedures, credit policies and portfolio composition.
iVuzi is a South African hybrid ABCP programme structured to issue ZAR-denominated CP up to a maximum aggregate amount of ZAR15bn to fund the purchase of ZAR-denominated financial assets and rated securities. iVuzi may issue CP with different credit ratings ('all down the curve') up to a maximum tenor of 364 days. Each series of CP will rank in accordance with the priority established by the credit ratings so that notes in a series with a lower credit risk rating will be subordinated to notes in a series with a higher credit risk rating. As of end-June 2011, iVuzi had ZAR6.8bn of CP outstanding.
Contacts:
Lead Surveillance Analyst
Emma-Jane Fulcher
Senior Director
+44 20 3530 1018
Fitch Ratings Limited
30 North Colonnade
London E14 5GN
Committee Chairperson
Andy Brewer
Senior Director
+44 20 3530 1005
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