South Africa securitisations facing downturn – Moody’s

South African securitisations are deteriorating but their ratings remain secure for now, according to Moody’s Investors Service.

“The market’s still in a good position but we are probably at a turning point,” says 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

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