ABSA BANK LIMITED - BAGL/ BIABS - Rating Confirmation by Moody's Investor Services

BAGL/ BIABS - Rating Confirmation by Moody's Investor Services

BARCLAYS AFRICA GROUP LIMITED
(Incorporated with limited liability in South Africa under registration number 1986/003934/06)
Bond Issuer Code: BAGL
(“Barclays Africa Group” or “BAGL”)

ABSA BANK LIMITED
(Incorporated with limited liability in South Africa under registration number 1986/004794/06)
Bond Issuer Code: BIABS
(“Absa Bank”)

BARCLAYS AFRICA GROUP LIMITED AND ABSA BANK LIMITED: CONFIRMATION OF MOODY’S
INVESTORS SERVICES (“MOODY’S”) CREDIT RATINGS

Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that Moody’s has
on 27 March 2018, confirmed the long-term local and foreign currency deposit ratings of Absa Bank at
Baa3 (stable) and long-term local and foreign currency issuer ratings of BAGL at Ba1 (stable). This
follows similar action taken on the South African Sovereign’s outlook, which was changed to “stable” on
23 March 2018 from a previous outlook of “review for downgrade”.

According to Moody’s, the primary drivers of Absa Bank and BAGL’s stable outlook are attributable to:

    1. a more stable and predictable economic environment in South Africa following recent elections,
       which affects the banks through their sizeable holdings of sovereign debt securities;

    2. the prospects of improved consumer and investor confidence following the change in
       government which could enhance economic growth forecasts;

    3. BAGL’s proven track record to sustain resilient financial performance in 2016 and 2017 amid
       challenging economic conditions.

Further details are available on the Moody’s website or the press release by Moody’s entitled “Press
Release –Moody's Confirms the Ratings of Six South African Banks”.

28 March 2018

Debt sponsor to Barclays Africa Group Limited and Absa Bank Limited:
Absa Bank Limited, acting through its Corporate and Investment Banking division

Date: 28/03/2018 03:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.