LIBERTY GROUP LIMITED - Liberty Group Credit Rating Adjustment

Liberty Group Credit Rating Adjustment

LIBERTY GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1957/002788/06)
Issuer Code: BILGL


(“Liberty”) or (“the Issuer”)


Amendment to Liberty Group Limited Credit Rating

In accordance with paragraph 7.42 of the JSE Debt Listings
Requirements, noteholders are hereby advised of the amendment to
Liberty’s credit rating effective on 26 November 2019.

On 22 November 2019, S&P Global Ratings (“S&P”) revised its
outlook on the foreign and local currency sovereign rating on
South Africa from stable to negative. Noteholders are hereby
advised that S&P has accordingly revised Liberty’s credit
ratings as per below:

Rating affirmed at zaAAA on Liberty’s long-term South African
national scale rating.

Ratings affirmed at        zaAA   on   the    Issuer’s   non-deferrable
subordinated notes:
-LGL04
-LGL05

Ratings to zaA+     from     zaAA-     on    the   Issuer’s   deferrable
subordinated notes:
-LGL06
-LGL07
-LGL08
-LGL09
-LGL10


For commentary on detailed ratings please refer to the S&P’s
press release on their website:
www.standardandpoors.com

Johannesburg
28 November 2019

Debt Sponsor: The Standard Bank of South Africa Limited

Date: 28-11-2019 11:51:00
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