Fitch gives Alexander Forbes debenture B+(zaf)

Fitch Ratings said it has assigned Alexander Forbes Preference Share Investments Ltd.'s linked debenture issue an expected B+(zaf) rating.

The final rating is contingent upon the receipt of final documents conforming to information already received, the agency noted.

The debentures are unsecured, with a fixed interest rate of 17%, the agency said, noting that interest payments are capitalized semiannually until redemption of the debentures.

Events of default include the failure of the Alexander Forbes group to meet obligations under ZAR 2.7 billion preference shares and a ZAR 1.5 billion term loan, the agency said.

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