AFRICAN BANK LIMITED - Credit Rating of African Bank by Standard & Poors Global Ratings - Ratings Affirmed; Outlook Stable - ABKI

Credit Rating of African Bank by Standard & Poor’s Global Ratings - Ratings Affirmed; Outlook Stable -  ABKI

AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered Bank)
(Registration No. 2014/176899/06)
Company code: ABKI
(“the Bank” or “African Bank”)

CREDIT RATING OF AFRICAN BANK BY STANDARD & POOR’S GLOBAL RATINGS - RATINGS
AFFIRMED; OUTLOOK STABLE

Standard & Poor’s Global Ratings (“S&P”) have affirmed the ‘B+/B’ global scale rating and the
‘zaBBB/zaA-2’ national scale rating for African Bank, with a stable outlook. Amongst other things, S&P
noted the following significant points as part of their ratings review:

- African Bank's profitability has improved markedly over the past 12 months, and this positive
  trend is likely to continue, supporting very strong capitalization.
- While the bank's large liquid asset cushion and staggered funding maturities limit the near-term
  refinancing risk, long-term funding stability remains a concern.
- The stable outlook on the global scale ratings reflects the opinion that, over the next 12-18
  months, risks for the bank remain limited, due to improving profitability, very strong
  capitalization, and low refinancing risk.

The global scale rating also applies to the Bank’s Euro Medium Term Note (“EMTN”) programme and
all notes issued under the US$6 billion EMTN programme, which are listed either on the London Stock
Exchange (“LSE”) or the Swiss Securities Exchange (“SIX”). The ZAR25 billion Domestic Medium Term
Note programme (“DMTN”) and all notes issued under that programme are not rated.

13 March 2018

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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