FIRST NATIONAL BANK OF NAMIBIA LIMITED - FNNI - Notification of a Change to the Credit Rating of the Issuer

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

First National Bank of Namibia Limited
(Incorporated in the Republic of Namibia)
(Registration number 2002/180)
Company code: FNNI
NSX Company code: FNNIN
(“FNB Namibia” or “the Issuer”)


NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER

Bondholders are advised that the Issuer’s long and short term Namibian national scale credit ratings
of AA+(NA) and A1+(NA) respectively, assigned by GCR Ratings (“GCR”), was affirmed on 16 October 2019;
with the outlook accorded as Stable.

In addition, bondholders are advised that the Issuer’s long term South African national scale credit
rating, assigned by GCR, has been downgraded on 16 October 2019 from AA-(ZA) to A+(ZA); with the
outlook accorded as Stable.

The rationale for the lower South African credit rating level is exclusively to reflect GCR’s new mapping
table differentials between South Africa and Namibia, which effectively represents GCR’s view of the
difference in country risk between the two jurisdictions.

The full rating report by GCR has been made available at the below link:
https://gcrratings.com/announcements/gcr-assigns-an-unsolicited-aza-south-african-long-term-
national-scale-rating-to-first-national-bank-of-namibia-limited/ .



17 October 2019

Debt Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
Think Precinct, 1 Merchant Place
Cnr Fredman Drive & Rivonia Road
Sandton 2196, South Africa
P O Box 786273, Sandton, 2146, South Africa


Sponsor
Cirrus Securities (Pty) Ltd
Member of the NSX
2nd Floor, Maerua Mall Office Tower
Jan Jonker Road
PO Box 27, Windhoek, Namibia

Date: 17/10/2019 05:00:00
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