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Credit Rating Amendment Notification - Industrial Development Corporation
Industrial Development Corporation of South Africa Limited
Incorporated in the Republic of South Africa) (“IDC”)
Registration No. 1940/014201/06)
Issuer code: IN02
26 November 2020
CREDIT RATING AMENDMENT NOTIFICATION
Noteholders are hereby advised of the credit rating amendment as per section 6.8 of the JSE
Debt Listings Requirements.
On 24 November 2020, Moody’s Investors Service, ("Moody's") downgraded the long-term foreign
currency ratings of the IDC to Ba3 from Ba2 and maintained a negative outlook. Moody’s also
downgraded the IDC’s Baseline Credit Assessment (BCA) to b1 from ba3. The Aa3.za long-term
national scale ratings (NSRs) of the institution has been affirmed.
The rating actions by Mood’s reflects (i) IDC’s weaker standalone profile, which has led to the
downgrade of its BCAs; and (ii) the weakening capacity of the South African government to
support them in case of need, as captured by the recent downgrade of South Africa's government
bond rating to Ba2 from Ba1.
Having noted the downgrade announcement, the IDC is well capitalised to continue to deliver on
its mandate.
Further details on the rating action can be viewed on the following link:
https://www.moodys.com/research/Moodys-downgrades-the-issuer-ratings-of-DBSA-and-IDC-
to--PR_436398
Johannesburg
Debt Sponsor
The Standard Bank of South Africa Limited (Debt Sponsor)
Kea Sape
Tel: 011 344 7654
Email: kea.sape@standardbank.co.za
Date: 26-11-2020 09:50:00
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