AB FINCO 1 (RF) LIMITED - Credit Rating Amendment - BICS

Credit Rating Amendment - BICS

AB FINCO 1 (RF) LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 2007/033844/06)
Company Code: BICS
(“AB Finco 1" or the “Issuer”)

CREDIT RATING ANNOUNCEMENT

GCR Ratings (“GCR”) has affirmed the national scale long term issue credit rating of the Series 3 Notes
issued by AB Finco 1 with the outlook remaining as stable and downgraded the Series 4 and 5 Notes to
AA(ZA)(sf) from AA+(ZA)(sf) with an outlook change from stable to negative

The ratings of the Notes reflect the ability of each underlying borrower to make the payments due in
accordance with the terms of each respective Loan Agreement sold to the Issuer. GCR’s ratings of the
issued Notes in respect of each Series are therefore based on a credit linkage approach to the long-term
unsecured credit ratings of the respective underlying borrowers. Should the ratings assigned to any of the
underlying entities change, GCR will review the ratings to determine the impact of such change on the
ratings of the Notes.

 Transaction Stock Code         Amount           Rating Class      Rating        Outlook

 Series 3       ABF003          ZAR1.50bn        Long Term Issue   AA(ZA)(sf)    Stable

 Series 4       ABF004          ZAR0.33bn        Long Term Issue   AA(ZA)(sf)    Negative

 Series 5       ABF005          ZAR0.43bn        Long Term Issue   AA(ZA)(sf)    Negative

The full rating report is available on GCR’s website at

https://gcrratings.com/announcements/gcr-affirms-rating-and-outlook-of-the-series-3-notes-issued-by-
ab-finco-1-rf-limited-and-downgrades-series-4-and-5-to-aazasf-with-a-negative-outlook/

Johannesburg
01 August 2023

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

Date: 01-08-2023 03:30:00
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