South Africa's ABSA Corporate and Merchant Bank has arranged the country's first commercial mortgage-backed securitization, according to Moody's Investors Service.Moody's has assigned definitive national scale ratings ranging from Aaa.za to Baa2.za to about $131.2 million worth of South African Rand-denominated securities in the transaction, Prime Realty Obligors Packaged Securities (Proprietary) Ltd.--iFour Series 1. Moody's said the ratings "address only the credit risks associated with the transaction. Other noncredit risks have not been addressed, but may have a significant effect on yield to investors." Moody's can be found online at http://www.moodys.com.

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