SANTAM LIMITED - BISAN - Notification of a Change to the Credit Rating of the Issuer

BISAN - Notification of a Change to the Credit Rating of the Issuer

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
Company code: BISAN
(“Santam” or the “Issuer”)


NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER

Noteholders are advised that S&P Global Ratings has, on 29 April 2020, downgraded the global scale
ratings of the Issuer from BB+ to BB and affirmed its national scale ratings at zaAAA and its
Subordinated Deferrable rating at zaA+, with a stable outlook.

The rationale for the rating change is primarily driven by the deteriorating credit profile in South Africa.


6 May 2020

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

Date: 06-05-2020 10:20:00
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