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IN02 - Update to Credit Analysis
Industrial Development Corporation of South Africa Limited
Incorporated in the Republic of South Africa) ("IDC")
Registration No. 1940/014201/06)
Issuer code: IN02
UPDATE TO CREDIT ANALYSIS
Noteholders are hereby advised of Moody's Investors Service ("Moody's") update to Industrial Development
Corporation of South Africa's ("IDC") credit analysis.
On the 1st of December 2023, Moody's updated the credit analysis of IDC's Ba3 corporate family rating
(CFR) reflecting its Baseline Credit Assessment of b1 and one notch of uplift, incorporating their assumption
of a "strong" probability of support from the Government of South Africa (Ba2 stable). Moody's also assigned
a Ba3 issuer rating, based on the Ba3 CFR and the application of their Loss Given Default analysis for
speculative-grade companies. IDC's long-term national scale rating is Aa3.za. The issuer outlook is stable.
The full update to the credit analysis report is available on Moody's website at:
https://www.moodys.com/research/Industrial-Development-Corp-of-South-Africa-Update-to-credit-
analysis-Credit-Opinion--PBC_1386360
Johannesburg
06 December 2023
Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 06-12-2023 02:30:00
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