CITY OF EKURHULENI METROPOLITAN MUNICIPALITY - Credit rating announcement - BIEM

Credit rating announcement - BIEM

CITY OF EKURHULENI METROPOLITAN MUNICIPALITY
JSE alpha code: BIEM
(“City of Ekurhuleni”)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Moody’s Investors Service (“Moody’s”) has taken the following rating
action on City of Ekurhuleni's credit ratings, following Moody’s downgrade of the Government of
South Africa rating to ‘Ba2’ from ‘Ba1’:

•   Downgraded the Long-Term Issuer Rating to ‘B1’ from ‘Ba3’ to reflect the deterioration in the
    operating environment as reflected in the sovereign rating downgrade;
•   Downgraded the Long-Term National Scale Rating (“NSR”) to ‘A3.za’ from ‘A2.za’ and the Short-
    Term NSR to ‘P-2.za’ from ‘P-1.za’; and
•   Downgraded the NSR Senior Unsecured Medium Term Note Program to ‘A3.za’ from ‘A2.za’.

The full rating report is available on Moody’s website at https://www.moodys.com/research/Moodys-
takes-action-on-9-sub-sovereign-entities-following-South--PR_436619 and on City of Ekurhuleni’s
website at https://www.ekurhuleni.gov.za/about-the-city/budget/credit-rating.html.

26 November 2020

Debt Sponsor
Nedbank Corporate and Investment Banking

Date: 26-11-2020 01:00:00
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