Fitch affirms Procul notes

Fitch Ratings said it has affirmed Procul (Pty) Ltd.'s 1 billion rand of class A fixed-rate notes and 282 million rand of class A floating-rate notes at AAA(zaf) with stable outlook.

The notes have a final legal maturity of Aug. 31, 2010, the agency said, adding that Procul is a synthetic securitization of retail instalment-sale automotive loans originated and managed in South Africa by WesBank, a division of FirstRand Bank Ltd (F1+(zaf)/AA(zaf) outlook stable).

Fitch noted that the rating action follows a satisfactory review and performance to date. The write-offs ratio, which was 6.43% as of January, has remained relatively low since inception in June 2002, below the early amortization trigger of 15%.

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