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\t\t<\/span><\/p>\n <\/span><\/p>\n \n \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":" July 12 – Fitch Ratings has affirmed Fresco 2 Limited (Fresco 2) as follows: Class A1: affirmed at ‘BBB(zaf)’; Outlook Stable Class A2: affirmed at ‘BBB(zaf)’; Outlook Stable Class B1: affirmed at ‘BB(zaf)’; Outlook Stable Class B2: affirmed at ‘BB(zaf)’; Outlook Stable Class C: affirmed at ‘B+(zaf)’; Outlook Stable Class D: affirmed at ‘B(zaf)’; Outlook […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-12356","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=12356"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12356\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}July 12 - Fitch Ratings has affirmed Fresco 2 Limited (Fresco 2) as follows:\n\nClass A1: affirmed at 'BBB(zaf)'; Outlook Stable\nClass A2: affirmed at 'BBB(zaf)'; Outlook Stable\nClass B1: affirmed at 'BB(zaf)'; Outlook Stable\nClass B2: affirmed at 'BB(zaf)'; Outlook Stable\nClass C: affirmed at 'B+(zaf)'; Outlook Stable\nClass D: affirmed at 'B(zaf)'; Outlook Stable\nClass E: affirmed at 'B(zaf)'; Outlook Stable\nClass F: affirmed at 'B(zaf)'; Outlook Stable\nClass G: affirmed at 'B-(zaf)'; Outlook Stable\n\nThe affirmation reflects the portfolio's stable performance. Since closing, the\ntransaction has performed well and only suffered two credit events. The\nsettlement of the credit events did not incur a writedown of any notes as excess\nspread captured by the structure was sufficient to absorb the losses.\n\nFresco 2, which is incorporated under South Africa law, is a partially funded\nsynthetic securitisation of a portfolio of South African and international\ncredit exposures held on FirstRand Bank's balance sheet. At closing on 17 July\n2007, Fresco 2 entered into a credit default swap with FirstRand Bank whereby\nFresco 2, as the protection seller, purchased the portfolio's credit risk from\nFirstRand Bank. The transaction is a managed transaction with synthetic excess\nspread trapped once actual losses are recorded.Additional information is available at www.fitchratings.com.\n\nThe ratings above were solicited by, or on behalf of, the issuer, and therefore,\nFitch has been compensated for the provision of the ratings.\n\nThe sources of information used to assess these ratings are the issuer report\nprepared by Rand Merchant Bank and communications with Rand Merchant Bank.\n\nApplicable criteria, 'Global Rating Criteria for Corporate CDOs', dated 10\nAugust 2011, 'Counterparty Criteria for Structured Finance Transactions', dated\n30 May 2012 are available at www.fitchratings.com.\n\nApplicable Criteria and Related Research:\nGlobal Rating Criteria for Corporate CDOs\nCounterparty Criteria for Structured Finance Transactions<\/pre>\n