LIBERTY GROUP LIMITED - Rating Agency Action on South Africa-Based Insurers and Reinsurers

Rating Agency Action on South Africa-Based Insurers and Reinsurers

LIBERTY GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number: 157/002788/06)
Instrument Code: LGL02 ISIN: ZAG000097932
Instrument Code: LGL03 ISIN: ZAG000100249
Instrument Code: LGL04 ISIN: ZAG000105784
Instrument Code: LGL05 ISIN: ZAG000122250
Instrument Code: LGL06 ISIN: ZAG000139536
Instrument Code: LGL07 ISIN: ZAG000139544

(“Liberty”) or (“the Issuer”)


Rating Agency Action on South Africa-Based Insurers                and
Reinsurers following the South African Sovereign Downgrade

Due to the recent rating action taken by S&P Global Ratings
(“S&P”) on South Africa’s long-term local currency from BBB+ to
BBB, S&P has subsequently lowered the credit ratings on several
of the South Africa-based insurers and reinsurers. This action
is as a result of economic conditions which have led to
increased asset risk in domestic insurers’ balance sheets.

In accordance with paragraph 4.26 of the JSE Debt Listings
Requirements, noteholders are advised that S&P has accordingly
revised the Issuer’s note credit ratings as per below:

Lowered ratings from zaAA+ to zaAA- on subordinated notes:
-LGL06
-LGL07

Re-affirmed   ratings   of   zaAA+   on   non-deferrable   subordinated
notes:
-LGL02
-LGL03
-LGL04
-LGL05

Re-affirmed the 'zaAAA/zaA-1' long- and short-term South Africa
national scale ratings for Liberty.

For more information, noteholders may view the rating agency’s
website:
www.standardandpoors.com/ratingsdirect
Johannesburg
14 December 2016


Debt Sponsor
The Standard Bank of South Africa Limited

Date: 14/12/2016 04:44:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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