HOSPITALITY PROPERTY FUND LIMITED - HPAI - Notification of a change to the Credit Rating of the Issuer's Senior Secured Notes

HPAI - Notification of a change to the Credit Rating of the Issuer's Senior Secured Notes

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’S SENIOR SECURED NOTES

Bondholders are advised that the Issuer has formally accepted the ratings as assigned by Global Credit
Rating Co. (“GCR”) in respect of Senior Secured Notes HPF06, HPF09 and HPF11 on 15 November 2018.
GCR has upgraded the Issuer’s Senior Secured Notes with the following ratings:

 Type of Rating                  Stock Code             Previous Rating              New Rating
 Senior Secured                    HPF06                    AA-(za)                    AA(za)
 Floating Rate Note –
 Ratings upgrade
 Senior Secured                    HPF09                    AA-(za)                    AA(za)
 Floating Rate Note –
 Ratings upgrade
 Senior Secured                    HPF11                    AA-(za)                    AA(za)
 Floating Rate Note –
 Ratings upgrade

The outlook has been accorded as stable.

The rationale for the upgraded rating
In September 2018, GCR upgraded the Issuer’s rating from ‘BBB+(ZA)’ to ‘A-(ZA)’ and maintained a
‘Positive’ outlook. As GCR still deems a rating uplift of four national scale notches appropriate for the
Senior Secured Notes, given the ‘Excellent Recovery Prospects’ modelled, the ratings of the Senior
Secured Notes have forthwith been upgraded.

A Stable outlook was accorded to the ratings of the Notes, as no material change to the factors
underlying the rating is immediately foreseen.

The full report of the rating assigned by GCR has been made available at the following link:
www.hpf.co.za


19 November 2018

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

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