Latest news with #SSSF
Yahoo
3 days ago
- Business
- Yahoo
KBRA Assigns Rating to South Street Securities Funding, LLC's Senior Unsecured Notes Issue
NEW YORK, June 09, 2025--(BUSINESS WIRE)--KBRA assigns a senior unsecured debt rating of BBB- with a Stable Outlook to the senior notes issued by South Street Securities Funding, LLC ("SSSF") in the amount of $29.5 million that are scheduled to mature on June 1, 2028. The proceeds were used to repay existing senior unsecured debt of $21 million that matured on June 1, 2025, with the balance to be for general corporate purposes, including to provide capital to its wholly owned operating company, South Street Securities, LLC ("SSS"). SSS is a SEC registered broker-dealer formed in 2001 that specializes in collateralized finance with principal business activities consisting of traditional fixed income repo finance and equity securities lending, along with residential interest rate management activities. SSSF is an intermediate holding company with its most significant asset representing a common equity investment in SSS. Key Credit Considerations The ratings for SSS and SSSF remain balanced by the collective experience of the management team and key business line leaders, with noted expertise in developing and managing all aspects of its longstanding repo-oriented finance operation. Risk management practices, including stress tests, address key factors for the collateralized finance business and are underpinned by the LLC program and risk management policy. The ratings for SSSF are inextricably linked to SSS, as the subsidiary represents its principal asset and source of earnings. Rating Sensitivities The ratings for SSS would be pressured if profitability deteriorated such that periodic net losses occurred or were likely to occur, or if gross balance sheet leverage (total assets-to-members' equity) were to increase beyond the current range . The ratings for SSSF are tied to SSS' rating; therefore, any negative rating pressure at SSS would be most likely transferred to SSSF. In addition, a sustained increase in leverage at SSSF or a weakening of the FCCR ratio could led to a re-evaluation of the parent's ratings. KBRA anticipates that the parent company double leverage ratio will be maintained in the range of 150%, or lower, a key rating constraint for SSSF. To access ratings and relevant documents, click here. Methodologies Financial Institutions: Securities Firm Global Rating Methodology ESG Global Rating Methodology Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009821 View source version on Contacts Analytical Contacts Shannon Servaes, Managing Director (Lead Analyst)+1 Jason Szelc, Senior Director+1 Business Development Contact Justin Fuller, Managing Director+1 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
3 days ago
- Business
- Business Wire
KBRA Assigns Rating to South Street Securities Funding, LLC's Senior Unsecured Notes Issue
NEW YORK--(BUSINESS WIRE)--KBRA assigns a senior unsecured debt rating of BBB- with a Stable Outlook to the senior notes issued by South Street Securities Funding, LLC ('SSSF') in the amount of $29.5 million that are scheduled to mature on June 1, 2028. The proceeds were used to repay existing senior unsecured debt of $21 million that matured on June 1, 2025, with the balance to be for general corporate purposes, including to provide capital to its wholly owned operating company, South Street Securities, LLC ('SSS'). SSS is a SEC registered broker-dealer formed in 2001 that specializes in collateralized finance with principal business activities consisting of traditional fixed income repo finance and equity securities lending, along with residential interest rate management activities. SSSF is an intermediate holding company with its most significant asset representing a common equity investment in SSS. Key Credit Considerations The ratings for SSS and SSSF remain balanced by the collective experience of the management team and key business line leaders, with noted expertise in developing and managing all aspects of its longstanding repo-oriented finance operation. Risk management practices, including stress tests, address key factors for the collateralized finance business and are underpinned by the LLC program and risk management policy. The ratings for SSSF are inextricably linked to SSS, as the subsidiary represents its principal asset and source of earnings. Rating Sensitivities The ratings for SSS would be pressured if profitability deteriorated such that periodic net losses occurred or were likely to occur, or if gross balance sheet leverage (total assets-to-members' equity) were to increase beyond the current range . The ratings for SSSF are tied to SSS' rating; therefore, any negative rating pressure at SSS would be most likely transferred to SSSF. In addition, a sustained increase in leverage at SSSF or a weakening of the FCCR ratio could led to a re-evaluation of the parent's ratings. KBRA anticipates that the parent company double leverage ratio will be maintained in the range of 150%, or lower, a key rating constraint for SSSF. To access ratings and relevant documents, click here. Methodologies Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009821
The Citizen
30-05-2025
- Business
- The Citizen
Government pays R6 Million from R500 million Spaza Shop Fund
Only a fraction of the fund has reached township and rural spaza shop traders as verification delays slow disbursements The department of small business development has so far disbursed R6 million from the R500 million Spaza Shop Support Fund (SSSF). This is aimed at supporting South African-owned spaza shops and food-handling outlets in townships and rural areas. Launched last month, the fund is designed to provide financial assistance of up to R300 000 per shop through a mix of grants and low-interest loans. However, according to small business development minister Stella Ndabeni, on Thursday, the implementation has been slower than expected. 'This is moving at a slow pace due to all the parties that are involved in coordinating the work, which includes inspections and verification of citizenship, as well as site and health inspections,' she said. Focus on compliance and sustainability To qualify for funding, shop owners had to register for an operating permit before the deadline. The money can be used for stock purchases, infrastructure improvements, business development tools and the adoption of point of sale (POS) systems. 'The fund will assist shop owners that met the deadline for the registration of an operating permit,' Ndabeni said. The initiative is administered by the National Empowerment Fund (NEF) and the Small Enterprise Development Finance Agency (SEFDA) and includes support to help businesses meet hygiene and regulatory standards. ALSO READ: Illegal spaza shops 'still proliferate' despite warnings Global SME Summit set for July The Minister also announced that South Africa will host the first-ever Global Small and Medium-sized Enterprises (SME) Ministerial Meeting in Johannesburg from 22 to 24 July 2025. The event, co-organised with the United Nations Small Business Agency, will see participation from nearly 50 countries, including Brazil, Kenya, India and Switzerland. 'We are steadfast in our commitment to create a more enabling legislative and policy environment that empowers small businesses to grow, scale up and compete on the global stage,' said Ndabeni. She said the meeting would help shape global small business policy and push for the formation of a dedicated MSME Working Group under the G20 during South Africa's presidency. 'We do not want a talk shop. We will emerge with practical initiatives that strengthen the global MSME support eco-system,' she added. NOW READ: Spaza shops ask for more than R32m worth of stock
Gulf Today
12-05-2025
- Business
- Gulf Today
SSSF allows purchase of notional service years
As part of its pioneering vision to achieve a decent living and provide a comprehensive social protection umbrella, the Sharjah Social Security Fund (SSSF) has confirmed that insured employees can benefit from the service of purchasing a notional period, pursuant to the provisions of Law No. (5) of 2018 regarding social security in Sharjah. This strategic step aims to improve the value of pensions and enhance financial security for the future. This service is one of the most prominent tools offered by the Fund to expand the scope of social protection, enabling insured individuals to increase the value of their retirement pension upon fulfilling the requirement of completing 20 years of actual contribution. They are then entitled to purchase a notional period of service to be added to their actual years of contribution, which positively impacts the value of the pension upon retirement. The Fund explained that the notional period is a period of time that the insured has not actually spent in employment, but which they can purchase for the purpose of improving their pension. This period does not exceed five years for men and ten years for women, provided that the insured has actually completed 20 years of actual contribution to the system and that they bear 20% of the contribution account salary for each year they wish to purchase. Mohammed Obaid Al Shamsi, Director-General of SSSF, explained that the purchase of the notional term service represents a strategic opportunity for insured persons to increase the value of their retirement pension. He emphasised that this service is part of the Fund's efforts to enhance financial stability and ensure a decent life for citizens after retirement. Al Shamsi stated that regarding the payment mechanism, the Fund has provided flexible options for insured persons, whereby the purchase cost can be paid in a single payment of no less than 50% of the total value, or the remainder can be paid in installments over a period not exceeding the age of 60 for men and 55 for women, provided that full payment is made before the end of their employment. WAM
The Citizen
08-05-2025
- Business
- The Citizen
Political uncertainties that will impact SMEs in the coming months
Tyme Bank warns SMEs to prepare for a cautious approach from the Reserve Bank in the coming months, with the possibility of fewer rate cuts than initially hoped for in 2025. Finance Minister Enoch Godongwana is set to deliver another budget speech on 21 May 2025, following the reversal of the VAT hike. In this speech, the minister is expected to outline how the Treasury intends to make up the roughly R75 billion it had hoped to raise from the VAT increase. However, Miguel da Silva, group executive for business banking at TymeBank, said that this confusion, which resulted from uncertainty about whether the VAT hike would take place, has had a negative impact on small and medium-sized enterprises (SMEs). Da Silva looks at the real costs and implications of an unpredictable political landscape for SMEs. ALSO READ: Budget 3.0 not unexpected, possible decrease in social grant increase International trade is increasingly volatile Speaking of uncertainty, South African SMEs, like their counterparts across the globe, are waiting to see how the international-trade cards lie after US President Donald Trump upended the table on 2 April. He said the recently released trade data for March showed South Africa's balance of trade at roughly R24 billion, somewhat lower than the consensus estimate of R35 billion. 'Of course, that does not consider the spiralling effects of the so-called Liberation Day in the US. With most tariffs currently paused, trade delegations are trying to simultaneously mend relationships with the US and establish new markets that are not subject to the same volatility.' Da Silva is of the view that there will be pain for certain sectors in particular—the reinstatement of Trump's 30% tariff on SA would fall during the peak of citrus season, and if Trump's intention is truly to revive US manufacturing, it doesn't bode well for SA's automotive sector. Government launches Spaza Shops Support Fund The Department of Small Business Development has found R500 million to launch the Spaza Shop Support Fund (SSSF). Government aims to help the township and rural retail sectors become more formalised and financially inclusive, and to realise the potential of spaza shops to serve as a market for locally manufactured goods. 'The former means that individual spaza shops will get up to R50 000 through a combination of training support and a blended loan, and the latter that the SSSF will facilitate a group-buying system, helping shops to access bulk markets,' he said. ALSO READ: Trump tariffs created unprecedented uncertainty — trade expert Business sentiment is improving The South African Chamber of Commerce and Industry (SACCI) released its composite Business Confidence Index (BCI) recently, highlighting a positive trend over the past 12 months. Da Silva says the BCI climbed from a low of 107.8 in May 2024 (while all eyes were on the elections) to a record level of 125.8 in February 2025. 'SACCI gauges the improvements to be due to increased tourism and exports, and lower inflation (and the absence of load shedding certainly played a role). 'SACCI also noted that a weaker rand and poor earnings for JSE-listed companies continued to have a depressive effect. 'That said, rising business confidence reflects a relative calm amongst the business community, despite mounting uncertainties.' Reserve Bank faces tight window for interest rate cuts He added that South Africa's headline inflation fell to a four-year low of 2.7% in March, down from 3.2% in February and below economists' forecasts. Despite this positive news, the Reserve Bank's opportunity to cut interest rates appears to be narrowing throughout 2025. 'The Bank's Monetary Policy Committee have made it clear that they are not only watching local inflation but also keeping a close eye on global events, even hinting at possible rate hikes if global uncertainty increases and impacts the rand further. 'Adding to this complexity, the Bank appears to believe that South Africa's low economic growth stems not primarily from high interest rates, but from structural economic constraints. 'This suggests that more aggressive rate cuts would do little to boost growth without significant economic reforms.' He warns SMEs to prepare for a cautious approach from the Reserve Bank in the coming months, with the possibility of fewer rate cuts than initially hoped for in 2025. NOW READ: Budget speech: What SMEs want from government
