HOSPITALITY PROPERTY FUND LIMITED - HPAI - Notification of a change to the Credit Ratings of the Issuer and the Senior Secured Notes

HPAI - Notification of a change to the Credit Ratings of the Issuer and the Senior Secured Notes

Hospitality Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/014211/06)
Company code: HPAI
(Approved as a REIT by the JSE)
(“Hospitality” or the “Issuer”)

NOTIFICATION OF A CHANGE TO THE CREDIT RATINGS OF THE ISSUER AND THE SENIOR SECURED
NOTES

Noteholders are advised that GCR Ratings (“GCR”) has, on 28 August 2020, downgraded Hospitality’s
national scale long and short-term issuer ratings to BBB(ZA)/A3(ZA) from A-(ZA)/A2(ZA), respectively.
Concurrently, the ratings assigned to the Senior Secured Notes issued by Hospitality have been
downgraded to A+(ZA)(EL) from AA(ZA)(EL), (collectively the “Ratings”).

The downgrade to the Ratings reflects the extremely uncertain operating environment, with all
hospitality related companies having seen their income drastically reduced due to the government
efforts to curtail the COVID-19 pandemic.

The Outlook on the Ratings has been maintained on Rating Watch Negative.

The full report of the Ratings assigned by GCR has been made available at the below link:
http://www.hpf.co.za/investors/credit-rating.

31 August 2020

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

Date: 31-08-2020 03:18:00
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