Fitch Withdraws SPL102's 'F1+(zaf)' Rating
Fitch Ratings-London-17 November 2009: Fitch Ratings has today withdrawn Sanlam Personal Loans 102 (Pty) Limited's (SPL102) asset-backed commercial paper (ABCP) National Short-term 'F1+(zaf)' rating, on full payment of all CP with effect from 16 November 2009. This follows notification from Sanlam Capital Markets (SCM) that it intends to terminate the conduit and cease issuance of CP.
Fitch will no longer provide rating coverage on this entity.
SPL102 was a single-seller asset-backed CP programme structured to issue rand-denominated CP, with a maximum tenor of 93 days, to fund the purchase of personal loans originated by Sanlam Personal Loans (Pty) Limited, a joint venture between Sanlam Life Insurance and Direct Axis.
Contacts: Emma-Jane Fulcher, London, Tel: +44 (0) 20 7417 3529; Alfons Ideler, Johannesburg: +27 11 380 0906.
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.
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