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

BISAN - Notification of a Change to the Santam Issue Credit Rating

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


NOTIFICATION OF A CHANGE TO THE SANTAM ISSUE CREDIT RATING

S&P Global Ratings (“S&P”) has on 26 November 2019 affirmed its global and national scale ratings of
Santam and lowered its subordinated deferrable rating as followings:

                                                 Rating To               Rating From

Subordinated Deferrable Rating                   zaA+                    zaAA-

The rationale for the rating change is due to S&P revising their outlook on various national scale and
subordinated deferrable debt ratings of some domestic insurers following the revised outlook on the
sovereign rating.

27 November 2019

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

Date: 27-11-2019 03:35:00
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