EMIRA PROPERTY FUND LIMITED - EMII - Notification of a change to the credit rating of the Issuer

EMII - Notification of a change to the credit rating of the Issuer

Emira Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2014/130842/06)
Company code: EMII
(Approved as a REIT by the JSE)
(“Emira” or “the Issuer”)


NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER

Bondholders are advised that the credit rating assigned by GCR Ratings (“GCR”) on Emira’s senior
secured notes has been upgraded to a credit rating of AA+(za)(EL) from AA(za), on a long-term national
scale basis; with the outlook accorded as Stable.

The rationale for the upgrade to the credit rating is due to the consistently high estimated recovery
rates from Emira’s secured property portfolio, which qualify as “Excellent Recovery Prospects”, as well
as the update by GCR in respect of the national to international scale mapping table.



7 October 2019

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

Date: 07/10/2019 05:15:00
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