INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED - Credit Rating Amendment Notification - IN02

Credit Rating Amendment Notification - IN02

Industrial Development Corporation of South Africa Limited
Incorporated in the Republic of South Africa) (“IDC”)
Registration No. 1940/014201/06)
Issuer code: IN02

29 June 2020

CREDIT RATING AMENDMENT NOTIFICATION


Noteholders are hereby advised of the credit rating amendment as per section 7.46 of the JSE
Debt Listings Requirements.


On 25 June 2020, Moody’s Investors Service, ("Moody's") downgraded the long-term foreign
currency ratings of the IDC to Ba2 from Ba1 and maintained a negative outlook. Moody’s also
downgraded the IDC’s long-term national scale rating to Aa3.Za from Aa1.Za. The rating agency
has affirmed the IDC’s Baseline Credit Assessment (BCA) of ba3.


The rating action reflects Moody’s assessment of the rising fiscal pressures that suggest that the
South African Government may not always be in a position to provide timely and adequate support
to the IDC in case of need. As a result, Moody’s has lowered its support assumptions to “strong’
from “high” and limited its government support uplift to one notch from two previously.


The IDC has noted the downgrade announcement from Moody’s and the rationale thereof which
highlights the global economic challenges and the impact of the COVID 19 pandemic in the South
African economy. The IDC continues to deliver on its mandate with sound governance and
prudent credit policies.



Further details on the rating action can be viewed on the following link:


https://www.moodys.com/credit-ratings/Industrial-Development-Corp-of-South-Africa-credit-
rating-600066007




Johannesburg
Debt Sponsor
The Standard Bank of South Africa Limited (Debt Sponsor)
Kea Sape
Tel: 011 344 7654
Email: kea.sape@standardbank.co.za

Date: 29-06-2020 03:14:00
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