THE THEKWINI FUND 16 (RF) LIMITED - Rating Action by Moodys Ratings

Rating Action by Moody’s Ratings

The Thekwini Fund 16 (RF) Limited ("Thekwini 16")
(incorporated with limited liability in the Republic of South Africa)
(Registration number: 2018/418593/06)
Issuer Code: TKWI16

Stock Codes: TH16A2, TH16A3, TH16A5, TH16A8, TH16A9, TH16B1, TH16B2, TH16B3
ISIN Codes: ZAG000161670, ZAG000170044, ZAG000172495, ZAG000161688,                       ZAG000172511,      ZAG000161696,
ZAG000170051, ZAG000172537

The Thekwini Fund 16 (RF) Limited - Rating Action by Moody's Ratings

On 29 May 2024, Moody's Ratings (Moody's) published updates to its ratings methodologies applicable to South African
Mortgage-Backed Securitisations.

Following these updates, on 31 May 2024, Moody's announced that it has downgraded the global scale ratings (GSRs) of 28
Notes together with the national scale ratings (NSRs) of 5 Notes issued by seven Mortgage-Backed Securitisations administered
by SA Home Loans (Pty) Limited (SAHL).

The press release published by Moody's can be found through the following link:
Press Release

The national scale ratings in respect of the following instruments issued by Thekwini 16 were downgraded from Aaa.za (sf),
to Aa2.za (sf):

    -    Class B1 Secured Floating Rate Notes (ISIN No. ZAG000161696; Listing Code TH16B1)
    -    Class B2 Secured Floating Rate Notes (ISIN No. ZAG000170051; Listing Code TH16B2)
    -    Class B3 Secured Floating Rate Notes (ISIN No. ZAG000172537; Listing Code TH16B3)

The national scale ratings in respect of the remaining Notes issued by Thekwini 16 were unaffected.

For further information, please contact:
Nicholas Gunning
Standard Bank
(011) 721 7112
Email: nicholas.gunning@standardbank.co.za

31 May 2024

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 31-05-2024 12:30:00
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