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BIBIDV - Notification of a Change to the Credit Rating of the Guarantor
Bidvestco Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1966/011512/06)
Company code: BIBIDV
(“Bidvestco”)
NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE GUARANTOR
Noteholders are advised that Moody's Investors Service (“Moody’s” or the “agency”) has effected the
following rating actions on The Bidvest Group Limited (the “Guarantor”), following the agency’s
downgrade of the South African sovereign on Friday, 27 March 2020, as the Guarantor’s rating is
constrained by the sovereign rating.
Summary of rating actions:
• Moody’s has assigned the Guarantor a Corporate Family Rating of Ba1;
• Moody’s affirmed the Guarantor’s National Scale Rating Issuer Rating and Short Term National
Scale Rating Issuer Rating at Aa1.za and P-1.za respectively;
• Moody’s has downgraded the Guarantor’s Short Term Issuer Rating from P-3 to NP; and
• Moody’s has withdrawn the Guarantor’s Issuer Rating of Baa3.
The outlook has been maintained as negative.
The full Moody’s press release can be accessed at: www.moodys.com
6 April 2020
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
Date: 06-04-2020 12:55:00
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