Fitch Affirms and Withdraws iMpumelelo 1's 'F1 (zaf)' Rating
iMpumelelo 1 is a fully-supported asset-backed CP programme sponsored by Absa Bank Limited (Absa, AAA(zaf)/Stable/F1+(zaf)). Absa fulfils multiple roles in the programme, including sponsor and guarantor. As a result, the CP rating is credit-linked to Absa's Short-term Issuer Default Rating (IDR), although CP investors would still have recourse to the assets in case of Absa's default.
KEY RATING DRIVERS
The affirmation reflects the full support provided by the sponsor and guarantor.
Fitch has withdrawn the rating as iMpumelelo 1 has chosen to stop participating in the rating process due to the change in Fitch's regulatory status in South Africa.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 iMpumelelo 1.
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 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 Absa as at 15 December 2015
MODELS
Not applicable.
REPRESENTATIONS AND WARRANTIES
Not applicable.
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