CITY OF EKURHULENI METROPOLITAN MUNICIPALITY - Credit Rating Announcement - BIEM

Credit Rating Announcement - BIEM

CITY OF EKURHULENI METROPOLITAN MUNICIPALITY
JSE alpha code: BIEM
(“City of Ekurhuleni” or the “Company”)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Moody’s Investors Service (“Moody’s”) has taken the following rating action on
City of Ekurhuleni's credit ratings:

    -   Downgraded the Long-Term Issuer Rating to ‘B3’ from ‘B2’;

    -   Downgraded the Long-Term National Scale Rating (“NSR”) to ‘Ba3.za’ from ‘Baa3.za’ and the
        ShortTerm NSR to ‘NP.za’ from ‘P-3.za’; and

    -   Affirmed the ShortTerm Global Scale Rating (GSR) issuer rating of NP.

The full rating report is available on Moody’s website at https://www.moodys.com/researc h/Moodys-
concludes-the-rating-review-of-6-South-African-sub--PR_458193


Ekurhuleni

22 November 2021

Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited

Date: 22-11-2021 04:00:00
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