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
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.