FIRSTRAND BANK LIMITED - FRII FRD FRLE - Amendment to FirstRand Bank Limiteds Credit Ratings

FRII FRD FRLE - Amendment to FirstRand Bank Limited’s Credit Ratings

FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
JSE company code interest rate issuer: FRII
JSE company code debt issuer: FRD
JSE company code ETF issuer: FRLE
LEI: ZAYQDKTCATIXF9OQY690
(FRB or the bank)

AMENDMENT TO FIRSTRAND BANK LIMITED’S CREDIT RATINGS

On 31 March 2020, Moody’s Investors Service (Moody’s) lowered the long-term local currency and
foreign currency deposit ratings on five South African banks, including FirstRand Bank Limited. This
follows the downgrade of the South African sovereign rating to Ba1 from Baa3, which was driven by the
continuing deterioration in South Africa's fiscal strength and structurally very weak growth. The outlook
remains negative.

These rating actions do not reflect any change in the fundamental credit quality of the bank.

Summary of rating actions on FirstRand Bank Limited:

                                                                            To                  From

 Long term bank deposits (domestic and foreign)                             Ba1                 Baa3

 Long term bank deposits and senior unsecured (domestic)                    Aa1.za              Aaa.za

 Senior unsecured (domestic and foreign)                                    Ba1                 Baa3

 Senior unsecured MTN (domestic and foreign)                                (P)Ba1              (P)Baa3

 Senior unsecured MTN (domestic)                                            Aa1.za              Aaa.za

 Subordinate (domestic and foreign)                                         Ba3                 Ba2

 Subordinate (domestic)                                                     A2.za               A1.za

 Subordinate and junior MTN (domestic and foreign)                          (P)Ba3              (P)Ba2

 Subordinate and junior subordinate MTN (domestic)                          A2.za               A1.za

 Baseline credit assessment                                                 ba1                 baa3


The Moody’s press release can be accessed on: www.moodys.com, and also include a detailed list of
all rating changes related to FRB.



Sandton
1 April 2020

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

Date: 01-04-2020 02:58:00
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