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Rerating of the company
Eqstra Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011672/06)
Share code: EQS(“securities”)
ISIN: ZAE000117123
(“Eqstra” or “the company”)
Eqstra Corporation Limited (previously Eqstra Corporation (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration No. 1983/009088/06)
Company code: BIEQS
Bond Codes: EQS05, EQS06, EQS07, EQS08A, EQS09 (“securities”)
Rerating of the company
Eqstra, the guarantor of Eqstra’s Domestic Medium Term Note Programme wishes to notify all
holders of securities that Standard and Poor’s (“S&P”) has, on 26th April 2016, downgraded Eqstra’s
long-term South African national scale issuer rating to zaB/zaB from zaBBB+/zaA-2.
Eqstra management notes that whilst the timing of the review was anticipated, it was executed at a
time when management is implementing actions outlined to the market over the past 12 months,
including during the presentation of the Eqstra interim results on 1 March 2016 which can be found
at http://www.eqstra.co.za/inv_interim_results.php.
These actions are central to Eqstra’s strategy and operations and involve a number of
interdependent components that require, inter alia, agreement with third parties. In particular, the
process for disposing of excess assets has been underway for some months and the engagement
with financial institutions with respect to the bank refinancing is well advanced. Management
continues to pursue these initiatives with vigour.
In addition, S&P’s report makes it clear that it has given no consideration to the anticipated
proceeds of the aforementioned asset disposals. Management believes that the proceeds from the
sale of excess assets, in conjunction with the debt refinancing, will contribute to the improvement of
the company’s funding profile. The full report can be found by its subscribers at
www.standardandpoors.com
Further, S&P also acknowledges that Eqstra is in a transitional period and that conclusion of a
number of activities would have an effect on the company’s rating and prospects.
The company notes the cautionary announcements made on the 3rd February, 15th March and 8th
April 2016 relating to disposal of assets and a non-binding expression of interest. These
announcements are still in force and under review, however are unrelated to the rerating of the
company.
In the opinion of the directors, the rating downgrade has no impact on the financial and trading
position of the company, and further that the refinancing of certain bank debt communicated to
shareholders on 1 March 2016 is progressing. Management will continue to keep investors apprised
of developments.
Kempton Park
26 April 2016
Equity and Debt Sponsor
RAND MERCHANT BANK (A divisions of FirstRand Bank Limited)
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