SANTAM LIMITED - Notification of a Change to the Credit Rating of the Issuer - BISAN

Notification of a Change to the Credit Rating of the Issuer - BISAN

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
Company code: BISAN
(“Santam” or “the Issuer”)

NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER

Bondholders are advised that following Standard & Poor’s Global Ratings (“S&P”) downgrade of the
sovereign, S&P has lowered the Issuer’s ratings on 30 November 2017 as follows:

                                                 Rating To               Rating From
  Counterparty Credit Rating
      Local Currency                             BB+/Stable              BBB-/Negative
      South Africa National Scale                zaAA+                   zaAAA

  Financial Strength Rating
       Local Currency                            BB+/Stable              BBB-/Negative

  Subordinated Deferrable Debt                   zaA                     zaAA

The rationale for the rating is reflective of the downgrade of the sovereign. S&P continues to rate the
Issuer above the “BB” foreign currency sovereign ratings on South Africa, which is based on its higher
stand-alone credit profile, supported by a credible and executable risk mitigation plan.

30 November 2017

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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