THE LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA - BILB- Credit Rating Amendment

BILB- Credit Rating Amendment

The Land and Agricultural Development Bank of South Africa

(JSE Code: BILB)

(“Land Bank” or the “Issuer”)

Land and Agricultural Development Bank of South Africa: Moody’s downgrade Land Bank’s Ratings
to B3; outlook negative

On 9 June 2020 Moody's Investors Service ("Moody's") announced the credit ratings downgrade of
the Land and Agricultural Development Bank of South Africa (“Land Bank”). The downgrade has been
described by Moody’s as a consequence of “…the combination of longer than anticipated delays in
rectifying the events of default triggered by the bank's failure to make payments when due to its
lenders, combined with Moody's expectations that actual economic losses to creditors will be low, as
both Land Bank and the government of South Africa (Ba1 negative) as the sole shareholder, appear to
remain committed to concluding a viable restructuring and recapitalization plan”.

Moody’s has downgraded Land Bank’s corporate family rating (CFR) and long-term issuer ratings to
B3 from B1, and its national scale issuer ratings to Ba2.za/NP.za from Baa2.za/P-2.za. At the same
time, the rating agency has downgraded Land Bank's Baseline Credit Assessment (BCA) to caa2 from
caa1. The outlook on Land Bank has been changed to negative from ratings under review.



10 June 2020

Enquiries

Land and Agricultural Development Bank of South Africa

Ayanda Kanana, Chief Executive Officer

Khensani Mukhari, Chief Financial Officer

Rebecca Phalatse, General Manager: Marketing and Communications – Tel: 074 159 6833

Debt Sponsor

The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking
division (registration number: 1962/000738/06)

Contacts

Ms Natalie Di-Sante Email: Natalie.di-sante@standardbank.co.za Tel: +27 (0) 11 721 6125

Date: 10-06-2020 04:43:00
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