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Fitch rates South Africa certificates BBB
Fitch Ratings said it assigned a BBB rating to the RSA Sukuk No. 1 Trust’s $500 million of global certificates due 24 June 2020.
The certificates have a periodic distribution amount equal to 3.903% per year, Fitch said.
The trustee of the RSA Sukuk No. 1 Trust is ZAR Sovereign Capital Fund Proprietary Ltd., a private company incorporated solely for the purpose of participating in this transaction.
The Republic of South Africa is the owner of the underlying portfolio of assets involved in the transaction and is the service agent, Fitch said. The rating is in line with South Africa’s long-term foreign-currency issuer default rating of BBB.
The outlook is negative.
The rating on the certificates will be sensitive to any changes in South Africa’s long-term foreign-currency issuer default rating, the agency said.
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