ANGLO AMERICAN SA FINANCE LIMITED - Moodys Recalibrates South Africas National Rating Scale and Repositions National Scale Ratings of Non-Financial Co

Moody’s Recalibrates South Africa’s National Rating Scale and Repositions National Scale Ratings of Non-Financial Co

   Anglo American SA Finance Limited (“Anglo American” or “The
   Issuer”)

   AA04: ZAG000093949

   AA05: ZAG000093931

   AA06: ZAG000114836

   AA07: ZAG000114828

   Dated: 16 May 2016

   Rating Agency: Moody’s Investor Services (“Moody’s”)

Moody’s Recalibrates South Africa’s National Rating Scale        and
Repositions National Scale Ratings of Non-Financial Corporates

Noteholders are advised of Moody’s Investor Services (“Moody’s”)
recent decision to recalibrate the National Scale Rating (“NSR’s”)
of South African non-Financial corporates in conjunction with the
recalibration of the South African national rating scale. In
addition to the above, Moody’s has also published global scale
ratings (GSR’s) for The Issuer for the first time.

As a consequence to this methodology adjustment, Anglo American’s
NSR Senior Unsecured Medium-Term Note Program, Repositioned to (P)P-
3.za from (P)P-2.za.
The below ratings have been newly assigned to the issuer:

-BACKED NSR Senior Unsecured Medium-Term Note Program, Assigned (P)NP

-BACKED NSR Senior Unsecured Medium-Term Note Program, Assigned (P)Ba3

-BACKED NSR Senior Unsecured Regular Bond/Debenture, Assigned Ba3

In addition to the above, Moody’s has stated the (P)Ba3/(P)NP 
global scale rating assigned to the debt issuance programme of
Anglo American SA Finance Limited, an indirect 100% owned financial subsidiary of 
Anglo American plc (rated Ba3 positive), reflect the position of the South African 
subsidiary as an issuer under the South African DMTN programme of the group, guaranteed 
by the holding company Anglo American plc.
   
The programme also has NSR of (P)Baa2.za and short term nationalscale rating of (P)P-3.za.
The principal methodology used in rating Anglo American SA Finance
Limited was Global Mining Industry published in August 2014.


The detailed press release regarding this is available for viewing on the Moody’s website:

https://www.moodys.com/research/Moodys-recalibrates-South-Africas-
national-rating-scale-and-repositions-national--PR_348432



   For further information contact:

   Debt Sponsor – The Standard Bank of South Africa Limited, acting
   through its Corporate and Investment Banking division.

   Kea Sape
   Tel (011)344 5674 Email: kea.sape@standardbank.co.za

   Anglo American SA Finance Limited
   Treshen Moodley
   Tel (011)638 2411 Email: treshen.moodley@angloamerican.com

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