OREANDA-NEWS. Fitch Ratings has affirmed iNdwa Investments Limited and iVuzi Investment Limited's commercial paper (CP) National Short-Term ratings at 'F1+(zaf)' and simultaneously withdrawn the ratings.

INdwa and iVuzi are partially-supported asset-backed CP programmes sponsored by FirstRand Bank Limited (FirstRand Bank, AA(zaf)/Stable/F1+(zaf)).FirstRand Bank, through its Rand Merchant Bank (RMB) division fulfils multiple roles in the programmes, including sponsor, liquidity provider, hedge counterparty, credit enhancement provider and administrator. As a result, the rating of iNdwa and iVuzi's CP is highly dependent on FirstRand Bank particularly in its role as liquidity and credit enhancement provider.

KEY RATING DRIVERS

Fitch has withdrawn the ratings as iNdwa and iVuzi have chosen to stop participating in the rating process due to the change in Fitch's regulatory status in South Africa.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 iNdwa and iVuzi.

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 closing, Fitch did not review the results of a third party assessment conducted on the asset portfolio information.

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 31 May 2016.