TRANSSEC 2 (RF) LIMITED - Transsec 2 (RF) Limited-Credit Rating Upgrade

Transsec 2 (RF) Limited-Credit Rating Upgrade

Transsec 2 RF Limited
(Incorporated with limited liability in the Republic of South Africa)
(Registration number 2014/209982/07)
Formerly called Transsec 2 Proprietary Limited (with registration number 2014/209982/07)
("Transsec 2")




Credit Rating Upgrade of Transsec 2 (RF) Limited Notes
Date: 20 August 2019

Stock Code: TRA2A3, TRA2A6, TRA2B1, TRA2B2, TRA2C1, TRA2C2


Authorised Programme size                                                R4,000,000,000
Total notes issued                                                       R 847,000,000



On 19 August 2019, S&P Global Ratings raised to 'zaAAA (sf)' its South African national scale
credit ratings accorded to the class A3, A6, B1 and B2 notes issued by Transsec 2 (RF) Limited.
The South African national scale credit rating accorded to the class C1 and C2 notes were
raised to 'zaAA+ (sf)' (see list below).


          Stock Code                                         Class                         Rating from:                            Rating to:
           TRA2A3                                             A3                            zaAA+ (sf)                             zaAAA (sf)
           TRA2A6                                             A6                            zaAA+ (sf)                             zaAAA (sf)
           TRA2B1                                             B1                            zaAA+ (sf)                             zaAAA (sf)
           TRA2B2                                             B2                            zaAA+ (sf)                             zaAAA (sf)
           TRA2C1                                             C1                             zaA (sf)                              zaAA+ (sf)
           TRA2C2                                             C2                             zaA (sf)                              zaAA+ (sf)


The rating review of the notes follows publication of S&P's revised counterparty risk criteria and
sovereign risk criteria. The upgrades to the above notes takes into account a full review of the
transaction's credit, cash flow, counterparty and operational risks. This has resulted in Transsec
2 (RF) Limited's ratings no longer being placed under observation.



20 August 2019

Debt Sponsor
The Standard Bank of South Africa Limited




Date: 20/08/2019 10:03:00
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