SA Home Loans, South Africa`s first independent mortgage lender, has been
assigned a `AAA` national scale ratings assigned for the first six issues
of the debt used to fund the mortgages, by Fitch South Africa, which is the
local office of the international rating agency.
This is the highest possible rating an issuer can achieve.
``We are encouraged by the rating,`` says Simon Stockley, chief executive of
SA Home Loans.
``It is a positive endorsement of our origination philosophy.``
The company has processed more than 8 300 bonds, to the value of R2
billion, since its launch in January 1999. It has opened offices in the
Eastern Cape and Garden Route, to be followed by Bloemfontein in July.