DENEL SOC LIMITED - Credit rating announcement - BIDEN

Credit rating announcement - BIDEN

DENEL SOC LIMITED
Registration number: 1992/001337/30
JSE Alpha Code: BIDEN
(“Denel”)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Fitch Ratings (“Fitch”) has affirmed Denel's national long-term rating at
‘B(zaf)’ with a Stable outlook and a national short-term rating at ‘B(zaf)’. Fitch has also removed the
ratings from Rating Watch Negative.

The full rating announcement is available at https://www.fitchratings.com/site/pr/10110182.

12 February 2020

Debt Sponsor
Nedbank Corporate and Investment Banking

Date: 12-02-2020 10:24:00
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