Model Parameters

Class Sector Metric Inequality AAA AA A BBB BB B CCC CC C D
Class Sector Metric Inequality AAA AA A BBB BB B CCC CC C D
1 - Capital Structure Property Price_To_Book >= 0.7000 0.6500 0.6000 0.5500 0.5000 0.4500 0.4000 0.3000 0.2500 0.2500
2 - Capital Structure Property Indir/Tot_Prop_Assets <= 0.1500 0.1750 0.2000 0.2500 0.3000 0.3500 0.4000 0.4500 0.5000 0.5000
3 - Capital Structure Property Loan_To_Value <= 0.4500 0.5000 0.5500 0.6000 0.6250 0.6500 0.6750 0.7000 0.7500 0.7500
4 - Capital Structure Property Net_IBD/EBIT <= 5.0000 7.0000 9.0000 11.0000 13.0000 15.0000 17.0000 20.0000 25.0000 25.0000
5 - Capital Structure Property Tot._Liab/Tot._Assets <= 0.6000 0.6500 0.7000 0.7500 0.8000 0.8500 0.9000 0.9500 1.0000 1.0000
6 - Efficiency Property Rental_Reversion_% >= 0.0350 0.0250 0.0000 -0.0250 -0.0450 -0.0650 -0.0750 -0.0850 -0.0950 -0.0950
7 - Efficiency Property Cost_To_Income <= 0.3500 0.4000 0.4500 0.5000 0.5500 0.6000 0.6500 0.7000 0.7500 0.7500
8 - Efficiency Property WALE (yrs) >= 5.0000 4.0000 3.0000 2.7500 2.5000 2.2500 2.0000 1.5000 1.0000 1.0000
9 - Efficiency Property Vacancy_% <= 0.0550 0.0650 0.0750 0.0850 0.0950 0.1050 0.1150 0.1250 0.1500 0.1500
10 - Efficiency Property Cost_of_Debt <= 0.0900 0.0950 0.1000 0.1150 0.1300 0.1450 0.1600 0.1750 0.2000 0.2000
11 - Liquidity & Solvency Property Unenc_Assets/Unsecured_Debt >= 3.5000 3.0000 2.5000 2.0000 1.5000 1.2500 1.0000 0.7500 0.5000 0.5000
12 - Liquidity & Solvency Property Current_IBD_% <= 0.2000 0.2250 0.2500 0.2750 0.3250 0.3500 0.3750 0.4000 0.4500 0.4500
13 - Liquidity & Solvency Property CFO/Total_IBD_% >= 0.2000 0.1750 0.1500 0.1250 0.1000 0.0800 0.0700 0.0600 0.0500 0.0500
14 - Liquidity & Solvency Property Interest_Cover_% >= 2.7500 2.5000 2.2500 2.0000 1.7500 1.5000 1.0000 0.7500 0.5000 0.5000
15 - Liquidity & Solvency Property Unencumbered_Assets_% >= 0.3000 0.2500 0.2000 0.1750 0.1500 0.1250 0.1000 0.0750 0.0500 0.0500
16 - Profitability & Earnings Property EBIT_Margin >= 0.6000 0.5000 0.4000 0.3000 0.2000 0.1000 0.0500 0.0250 0.0100 0.0100
17 - Profitability & Earnings Property Prop Yield_% >= 0.0600 0.0500 0.0450 0.0350 0.0300 0.0250 0.0150 0.0100 0.0050 0.0050
18 - Profitability & Earnings Property Prop_Reval/Prop_Assets_% <= 0.1500 0.0500 0.0600 0.0700 0.0800 0.0900 0.1000 0.1100 0.1250 0.1500
19 - Profitability & Earnings Property Dir_Prop_Rev/Tot._Rev >= 0.8000 0.7500 0.6500 0.6000 0.5000 0.4000 0.3000 0.2000 0.1000 0.1000
20 - Qualitative Factors Property Portfolio_Quality >= 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 1.0000
21 - Qualitative Factors Property Bus. Model Risk >= 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 1.0000
22 - Qualitative Factors Property Management Strength >= 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 1.0000
23 - Qualitative Factors Property Sector Outlook >= 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 1.0000
24 - Size Discriminants Property Net_Asset_Value_ZAR >= 80000.0000 70000.0000 60000.0000 50000.0000 40000.0000 30000.0000 15000.0000 10000.0000 7500.0000 7500.0000
25 - Size Discriminants Property Tot_Assets_ZAR >= 100000.0000 80000.0000 60000.0000 50000.0000 40000.0000 30000.0000 20000.0000 10000.0000 5000.0000 5000.0000
26 - Size Discriminants Property Tot_Property_Assets_ZAR >= 75000.0000 65000.0000 55000.0000 45000.0000 35000.0000 25000.0000 15000.0000 5000.0000 2500.0000 2500.0000
27 - Size Discriminants Property Tot_Assets_Unencumbered_ZAR >= 40000.0000 35000.0000 30000.0000 25000.0000 20000.0000 15000.0000 10000.0000 5000.0000 2500.0000 2500.0000