DEVELOPMENT BANK OF SOUTHERN AFRICA - Credit rating announcement

Credit rating announcement

Development Bank of Southern Africa Limited
Registration number: 1600157FN
JSE alpha code: DIDBS
(“DBSA”)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Moody’s Investors Service (“Moody’s”) on 24 November 2020
downgraded the Corporate Family Rating (“CFR”) and long-term foreign currency issuer rating of DBSA
to ‘Ba3’ from ‘Ba2’. At the same time, Moody’s has downgraded DBSA’s Baseline Credit Assessment
(“BCA”) to ‘b1’ from ‘ba3’. The long-term national scale rating (“NSR”) of ‘Aa3.za’ has been affirmed
and the outlook remains negative.

The rating action follows Moody's downgrade of the Government of South Africa rating to ‘Ba2’ from
‘Ba1’, with a negative outlook on 20 November 2020.

The ratings summary is shown in the table below:

 Category                                                                          Moody’s Rating
 Development Bank of Southern Africa
 Outlook                                                                                 Negative
 Corporate Family Rating                                                                      Ba3
 Issuer Rating                                                                                Ba3
 NSR Issuer Rating                                                                         Aa3.za
 ST Issuer Rating                                                                              NP
 NSR ST Issuer Rating                                                                      P-1.za

26 November 2020

Debt Sponsor
Nedbank Corporate and Investment Banking




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Date: 26-11-2020 04:39:00
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