Fitch Publishes New Issue Report on Fintech Receivables 2 Ltd
Fitch Ratings-London/Johannesburg-13 October 2009: Fitch Ratings has published a new issue report for the Fintech Receivables 2 (Proprietary) Limited securitisation of equipment leases originated by Fintech Underwriting Limited in South Africa. The transaction is a partial refinancing of an existing pool of assets that was included in a ZAR2bn multi-seller asset-backed note programme established in August 2008 with the issuance of the first series of notes. As a result of this refinance transaction; Fitch assigned National ratings and Loss Severity (LS) ratings to the two new series of notes as follows:
ZAR232.55m class A Series A1C floating rate notes: 'AAA(zaf)'; Outlook Stable; Loss Severity Rating LS-1
ZAR70.84m class E Series D1C floating rate notes: 'BB+(zaf)'; Outlook Stable; Loss Severity Rating LS-3
The new issue report, entitled 'Fintech Receivables 2 (Proprietary) Ltd - 2009 Refinance' and dated 12 October 2009 is available on www.fitchratings.com. The transaction was rated according to Fitch's 'European Consumer ABS Rating Criteria', which has since been superseded by the updated 'EMEA Consumer ABS Rating Criteria', dated 1 September 2009. This, and other criteria used to rate this transaction, including 'Rating Criteria for U.S. Equipment Lease and Loan Securitizations', dated 16 June 2006, are also available on www.fitchratings.com.
Contacts: Alfons Ideler, Johannesburg, Tel: +27 11 380 0901, Jaime Sanz, London, Tel: +44 20 7682 7279.
Media Relations: Julian Dennison, London, Tel: +44 020 7682 7480, Email: julian.dennison@fitchratings.com.
Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(zaf)' for National ratings in South Africa. Specific letter grades are not therefore internationally comparable.
Additional information is available at www.fitchratings.com.
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