Moody’s: South African securitisation at turning point

“The market’s still in a good position but we are probably at a turning point,” said Christophe de Noaillat, team leader for South African structured finance at the rating agency in London. “Delinquency numbers have increased but they started from a low base, so even if it gets worse it’s not cataclysmic. You have strong structures and strong originators, and it’s too early to say that it’s plunging off a cliff.” Delinquencies and losses among South African securitisations have been accelera