Fitch Withdraws Ratings on Sanlam Capital Markets and Genbel Securities
Fitch Ratings-London/Johannesburg-22 September 2009: Fitch Ratings has today affirmed the ratings of Sanlam Capital Markets Limited (SCM) and its parent company Genbel Securities Limited (Gensec) at National Long-term ratings 'A+(zaf)' with Negative Outlook, National Short-term ratings at 'F1(zaf)' and Support ratings at '2'. At the same, SCM's guaranteed obligations are affirmed at National Long-term 'AA-(zaf)' and Short-term 'F1+(zaf)'. SCM and Gensec's ratings are solely derived from the support that both entities have from their parent, Sanlam Limited (Sanlam - 'AA-(zaf)', Outlook Negative), a leading domestic financial services provider. The ratings on SCM's guaranteed obligations reflect the direct guarantee from Sanlam for selected creditors. Ratings relating to SCM, its guaranteed obligations and Gensec have been simultaneously withdrawn.
Fitch will no longer provide ratings or analytical coverage of the abovementioned entities.
Contacts: Denzil de Bie, Johannesburg, Tel: +27 11 380 0911, Anthony Walker, Tel: +27 11 380 0912.
Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.
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.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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