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DBSA Credit Rating Upgraded by Moody's Ratings
Development Bank of Southern Africa Limited
(Reconstituted and incorporated in terms of section 2 of the Development Bank of Southern Africa Act, 1997)
Registration number: 1600157FN
JSE company code: DIDBS
LEI code: 25490071AZ4HOFUNIH94
(the "DBSA" or the "Bank")
DBSA CREDIT RATING UPGRADED BY MOODY'S RATINGS
In accordance with paragraph 6.28 of the JSE Limited Debt and Specialist Securities Listings Requirements, noteholders are
hereby advised that on 19 February 2026, DBSA received an updated credit rating from Moody's Ratings ("Moody's").
Moody's has upgraded DBSA's long-term foreign currency issuer rating to 'Ba2' from 'Ba3', and the long-term national scale
issuer rating to 'Aa2.za' from 'Aa3.za'. Moody's has upgraded DBSA's standalone assessment to 'ba3' from 'b1'. The DBSA's
NP short-term foreign currency issuer rating and the P-1.za short-term national scale issuer rating have been affirmed.
The outlook assigned to the ratings remains stable.
The detailed credit rating report may be viewed on the following link: https://www.dbsa.org/investor-relations/dmtn-and-
credit-ratings
19 February 2026
Debt Sponsor
The Standard Bank of South Africa Limited
1
Date: 19-02-2026 03:23:00
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