Sharenet Sites 
Sharenet Sites
IDC-Credit Rating Update
Industrial Development Corporation of South Africa Limited
Incorporated in the Republic of South Africa) (“IDC”)
Registration No. 1940/014201/06)
Issuer code: IN02
CREDIT RATING AMENDMENT NOTIFICATION
Noteholders are hereby advised of the credit rating amendment in accordance with section 7.46
of the JSE Debt Listings Requirements.
On the 10th July 2020, GCR Ratings (GCR) affirmed the national scale long term and short-term
issuer rating of AA+/ A1+ on Industrial Development Corporation of South Africa (IDC), the entity).
The outlook has been revised to negative.
The rationale for the negative outlook is GCR’s expected quantum of market losses in the IDC’s
investment portfolio in the 2020 financial year, balanced by some recovery post year end. It also
reflects GCR’s expectation that credit losses will rise, interest margins will drop, and payment
holidays may be given, which will all pressurise core earnings over the next 12-18months, due to
the extremely challenging operating environment.
The IDC notes the announcement from GCR and advise noteholders that the finalisation of
audited financial statements is in progress. Furthermore, the IDC will continue to deliver on its
mandate with sound governance and prudent credit policies.
Johannesburg
13 July 2020
Debt Sponsor
The Standard Bank of South Africa Limited (Debt Sponsor)
Kea Sape
Tel: 011 344 7654
Email: kea.sape@standardbank.co.za
Date: 13-07-2020 04:36:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
