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HPAI - Notification of a Change to the Credit Rating of the Issuer
Hospitality Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/014211/06)
Company code: HPAI
(Approved as a REIT by the JSE)
(“Hospitality” or “the Issuer”)
NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER
Bondholders are advised that the Issuer has formally accepted the ratings as assigned by Global Credit
Rating Co. (“GCR”) on 19 February 2018. GCR has upgraded the Issuer with the following ratings:
Type of Rating Stock Code Previous Rating New Rating
Senior Secured HPF11 None - New issue AA-(za)
Floating Rate Note
Senior Secured HPF06 A+(za) AA-(za)
Floating Rate Note
Senior Secured HPF09 A+(za) AA-(za)
Floating Rate Note
The outlook has been accorded as stable.
The rationale for the upgraded rating is that HPF11, a new Note, was issued on 19 February 2017, to
refinance the HPF10 Note, which was settled on 19 February 2018. Concurrently, GCR upgraded the
rating accorded to the existing Notes issued by the Issuer.
The full report of the rating assigned by GCR has been made available at the below link
http://www.hpf.co.za/wp-content/uploads/2018/02/GCRFeb18.pdf.
20 February 2018
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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