(The following statement was released by the rating agency)
July 31 – Fitch Ratings has affirmed Thekwini Fund 7 (Pty) Limited (Thekwini 7), as follows:
Class A2a Notes: affirmed at ‘AAA(zaf)’, RWN removed; Outlook Stable
Class A2b Notes: affirmed at ‘AAA(zaf)’, RWN removed; Outlook Stable
Class A3 Notes: affirmed at ‘AAA(zaf)’, RWN removed; Outlook Stable
Class B Notes: affirmed at ‘A(zaf)’, RWN removed; Outlook Stable
Class C Notes: affirmed at ‘BBB(zaf)’, RWN removed; Outlook Stable
Fitch initially placed the notes on RWN on 12 August 2010 as a result of
performance concerns in the South African mortgage market and to reflect the
possibility of downgrades as a result of revised mortgage criteria. The agency
has affirmed the notes’ ratings based on its revised mortgage loss criteria
published on 2 March 2012, which takes into account the performance of the South
African mortgage market over recent years.
Continued…
