OREANDA-NEWS. Fitch Ratings has affirmed Torque Securisation (RF) Limited's National ratings and simultaneously withdrawn the ratings as follows:

ZAR200m Class A3 notes affirmed at 'AAA(zaf)'; Outlook Stable, withdrawn

ZAR250m Class A4 notes affirmed at 'AAA(zaf)'; Outlook Stable, withdrawn

ZAR238m Class A5 notes affirmed at 'AAA(zaf)'; Outlook Stable, withdrawn

ZAR84m Class B2 notes affirmed at 'A+(zaf)'; Outlook Stable, withdrawn

ZAR49m Class C2 notes affirmed at 'BBB(zaf)'; Outlook Stable, withdrawn

KEY RATING DRIVERS

The affirmations reflect the transaction's robust performance, as demonstrated by defaults and recoveries remaining in line with Fitch's expectations and the availability of sufficient excess spread to cover any balances on the principal deficiency ledger.

Fitch has withdrawn the ratings as the issuer will no longer participate in the rating process due to the change in Fitch's regulatory status in South Africa. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Torque Securisation (RF) Limited.

RATING SENSITIVITIES

Not applicable

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Prior to the transaction's closing, Fitch did not review the results of a third party assessment conducted on the asset portfolio information.

Prior to the transaction's closing, Fitch conducted a review of a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

The information below was used in the analysis.

-Transaction reporting provided by Rand Merchant Bank as at February 2016

MODELS

Not applicable

REPRESENTATIONS AND WARRANTIES

Not applicable