/ 29 August 2000

KIWANE GAINS GREAT RATINGS

RATING agency Duff & Phelps (DCR) awarded its ”AA-” rating on the senior bonds (K001 bonds) of South African capital holding company Kiwane Capital Holdings’ and ”BBB-” on the mezzanine bonds (K002 bonds). DCR said the ratings reflected Kiwane’s high credit quality with strong protection factors. Kiwane is a cashflow collateralised debt obligation backed by a portfolio of rand denominated loans. The K001 bond was launched early this month. ”In a sense, Kiwane is a ground breaking transaction. We expect that the transaction will stimulate the corporate debt market in South Africa and facilitate more accurate pricing for risk,” said DCR. The K001 and K002 bonds have an initial redemption date of February 28, 2005, with an annual coupon rate of 12 percent. – Reuters