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Credit Rating Amendment - BICS
AB FINCO 1 (RF) LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 2007/033844/06)
JSE Bond Issuer Code: BICS
Bond Code: ABF004
ISIN: ZAG000165507
Bond Code: ABF005
ISIN: ZAG000180753
(the "Issuer" or "AB Finco 1")
CREDIT RATING ANNOUNCEMENT
GCR Ratings ("GCR") has downgraded the national scale long term issue credit rating of the Series 4
and 5 Notes (the "Notes") issued by AB Finco 1 with the outlook remaining as Negative.
The ratings of the Notes reflect the ability of each underlying borrower to make the payments due in
accordance with the terms of each respective Loan Agreement sold to the Issuer. GCR's ratings of the
issued Notes in respect of each Series are therefore based on a credit linkage approach to the long-term
unsecured credit ratings of the respective underlying borrowers.
Transaction Stock Code Amount Rating Class Rating Outlook
Series 4 ABF004 ZAR0.23bn Long Term Issue AA-(ZA)(sf) Negative
Series 5 ABF005 ZAR0.39bn Long Term Issue AA-(ZA)(sf) Negative
The full rating report is available on GCR's website at
https://gcrratings.com/announcements/gcr-downgrades-ratings-of-notes-issued-by-ab-finco-1-rf-
limited-under-series-4-and-5/
03 September 2024
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 03-09-2024 11:59:00
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