Fitch rates Phaello notes A-(zaf)

Fitch Ratings said it assigned Phaello Finance Co. (Pty.) Ltd.'s new ZAR 200 million domestic medium-term note issue an A-(zaf) rating.

The structure is similar to that of the existing notes issued by Phaello, which are also rated A-(zaf), Fitch said. All notes have been issued under its ZAR 5 billion program, which contains downgrade triggers of BBB-(zaf).

The ZAR 200 million note is rated on a senior secured basis and the first interest payment is slated for April 6 and every three months thereafter until maturity, the agency said.

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