DENEL SOC LIMITED - Credit rating announcement

Credit rating announcement

DENEL SOC LIMITED
Registration number: 1992/001337/30
JSE Alpha Code: BIDEN
(“Denel”)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Fitch Rating Agency (“Fitch”) has downgraded Denel's National Long-
Term Rating to ‘CC(zaf)’ from ‘B(zaf)’ and the National Short-Term Rating to ‘C(zaf)’ from ‘B(zaf)’.

The downgrade reflects Denel’s severely strained liquidity position as a result of insufficient
recapitalisation to effectively restart and maintain operating activities, while facing constraints
imposed by the coronavirus pandemic as well as the absence of timely government support.

The full rating announcement is available at https://www.fitchratings.com/research/corporate-
finance/fitch-downgrades-denel-to-cc-zaf-25-08-2020.


26 August 2020

Debt Sponsor
Nedbank Corporate and Investment Banking

Date: 26-08-2020 07:59:00
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