...This criteria addendum outlines how Fitch Ratings uses its Portfolio Credit Model (PCM) for asset-backed commercial paper (ABCP) conduits that are solely backed by South African corporate, structured finance or public sector assets and whose commercial paper (CP) is rated on a national scale. Conduit portfolios that do not satisfy both of these criteria are not addressed by this addendum. Furthermore, this addendum is only relevant to partially supported conduits, as the CP is exposed to the performance of the underlying portfolio. The assumptions and methodology will be used to rate new and existing South African ABCP conduits. Additionally, PCM is the only model used by Fitch when analysing ABCP conduits. This report is an addendum to, and should be read in conjunction with, the criteria report titled Global Rating Criteria for Asset-Backed Commercial Paper, where all other aspects of the rating analysis are discussed....
