Fitch rates Phaello Finance F1(zaf)

Fitch Ratings said it assigned the expected national short-term rating of F1(zaf) to the ZAR5 billion domestic medium-term note program of Phaello Finance Co. (Pty) Ltd. Phaello is jointly owned by Unitrans Services (Pty) Ltd. and Steinhoff Investments Holdings Ltd.

The commercial paper issued under the program is backed by a ZAR500 million liquidity facility, Fitch said. Phaello is an operating company and is therefore rated on the strength and the support expected from the guarantor Steinhoff and the additional security in the vehicles, the agency said, and the liquidity facility available to Phaello.

Steinhoff's national short-term rating is F1(zaf). Phaello's rating is directly linked to that of Steinhoff, Fitch said, and any change in Steinhoff's short-term rating would result in a change of Phaello's rating.

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