Eqstra Holdings Limited http://www.alacrastore.com/company-snapshot/Eqstra_Holdings_Limited-4100461 Monday, October 06, 2008 7:08:01 PM 4100461 Eqstra Holdings Limited en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/658452spcred/658452normThe latest Full Report from S&Pglobal7/8/2008 1:13:30 PM400Full Report658452South AfricaEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsFull ReportDominant position in the mature South African leasing market Solid profitability, satisfactory asset quality, and adequate capitalization are the key features of a good financial profile A robust management team deploys clear and focused strategic orientations Risk management architecture is adequate Subject to the risks of geographic concentration in a volatile economic environment Credit exposures suffer from single-name concentration Liquidity is tight The process of building a balanced wholesale funding continuum remains uncertain The national scale ratings on Eqstra Holdings Ltd. (Eqstra) reflect the company's leading position in the South African vehicle leasing market; good financial profile supported by solid profitability, satisfactory asset quality, and good capitalization; a committed and entrenched management implementing a clear and focused strategy; and adequateZAFEqstra Holdings Ltd.439672EMERGINGEUROMIDAFRFULLGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658453spcred/658453normThe latest Summary from S&Pglobal7/8/2008 1:13:30 PM175Summary658453South AfricaEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsSummaryThe national scale ratings on Eqstra Holdings Ltd. (Eqstra) reflect the company's leading position in the South African vehicle leasing market; good financial profile supported by solid profitability, satisfactory asset quality, and good capitalization; a committed and entrenched management implementing a clear and focused strategy; and adequate risk management architecture. Constraining factors for the ratings are client and geographic concentration; short-track record of being independently managed and owned outside the Imperial Holdings group; and a concentrated wholesale funding profile. Following Eqstra's separation from Imperial Holdings (not rated) and listing on the Johannesburg Exchange (JSE), the ratings reflect Standard&Poor's Ratings Services' opinion of its stand-alone creditworthiness, and do not include any uplift for external support. Before its listing onZAFEqstra Holdings Ltd.439672EMERGINGEUROMIDAFRSUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Research