OREANDA-NEWS. Fitch Ratings has affirmed Thekwini Fund 11 (RF) limited (Thekwini 11) and Thekwini Fund 12 (RF) Limited's (Thekwini 12) ratings and simultaneously withdrawn them.

Fitch has withdrawn the ratings as Thekwini 11 and Thekwini 12 have chosen to stop participating in the rating process due to a change in Fitch's regulatory status in South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 Thekwini 11 and Thekwini 12.

KEY RATING DRIVERS

Fitch calculated a loss of 9.2% and 9% for Thekwini 11 and Thekwini 12 respectively, against current credit enhancement of 16.5% and 15.7% In spite of the large differences between modelled loss and CE, the rating of the junior notes remain constrained by potential deferral of interest rate payments. Fitch does not expect tranches rated 'AA-(zaf)' or above to defer interest; its analysis considers the likelihood and amount of interest deferrals in lower rating scenarios. Although deferrals of junior interest are now less likely than at closing because of higher CE, the limited improvement does not warrant any rating upgrade.

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 pools and the transactions. 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.

For both Thekwini 11 and Thekwini 12, prior to the transactions' closing, Fitch reviewed the results of a third party assessment conducted on the asset portfolio information, which indicated no adverse findings material to the rating analysis.

For both Thekwini 11 and Thekwini 12, prior to the transactions' closing, Fitch conducted a review of a small targeted sample of SAHL'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.

Fitch has affirmed and simultaneously withdrawn the following ratings:

Thekwini 11:

ZAR181.2m class A1 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR500m class A2 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR45m class A3 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR169.4m class A4 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR433m class A5 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR253m class A6 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR102.8m class A7 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR832m class A8 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR59m class B1 notes: 'A+(zaf)'; Outlook Stable; Withdrawn

ZAR66m class B2 notes: 'A+(zaf)'; Outlook Stable; Withdrawn

ZAR67m class B3 notes: 'A+(zaf)'; Outlook Stable; Withdrawn

ZAR48m class C1 notes: 'BBB-(zaf)'; Outlook Stable; Withdrawn

ZAR54m class C2 notes: 'BBB-(zaf)'; Outlook Stable; Withdrawn

ZAR45m class C3 notes: 'BBB-(zaf)'; Outlook Stable; Withdrawn

ZAR18m class D1 notes: Not rated

ZAR20m class D2 notes: Not rated

ZAR29m class D3 notes: Not rated

Thekwini 12:

ZAR236.6m class A1 notes: 'AAA(zaf)'; Outlook Stable ; Withdrawn

ZAR83m class A2 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR450m class A3 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR235.8m class A4 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR130m class A5 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR300m class A6 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR84.5m class A7 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR9m class A8 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR471m class A9 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR110.4m class A10 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR326m class A11 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR214m class A12 notes: 'AAA(zaf)'; Outlook Stable; Withdrawn

ZAR58m class B1 notes: 'A+(zaf)'; Outlook Stable; Withdrawn

ZAR60m class B2 notes: 'A+(zaf)'; Outlook Stable; Withdrawn

ZAR32m class B3 notes: 'A+(zaf)'; Outlook Stable; Withdrawn

ZAR51m class B4 notes: 'A+(zaf)'; Outlook Stable; Withdrawn

ZAR40m class C1 notes: 'BBB-(zaf)'; Outlook Stable; Withdrawn

ZAR35m class C2 notes: 'BBB-(zaf)'; Outlook Stable; Withdrawn

ZAR29m class C3 notes: 'BBB-(zaf)'; Outlook Stable; Withdrawn

ZAR33m class C4 notes: 'BBB-(zaf)'; Outlook Stable; Withdrawn

ZAR19m class D1 notes: Not rated

ZAR20m class D2 notes: Not rated

ZAR11m class D3 notes: Not rated

ZAR16m class D4 notes: Not rated