FIRSTRAND BANK LIMITED - Amendment to FirstRand Limited and FirstRand Bank Limited credit ratings

Amendment to FirstRand Limited and FirstRand Bank Limited credit ratings

FirstRand Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE ordinary share code: FSR
JSE ordinary share ISIN: ZAE000066304
JSE B preference share code: FSRP
JSE B preference share ISIN: ZAE000060141
NSX ordinary share code: FST
(FirstRand or the group)

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
(FRB or the bank)

AMENDMENT TO FIRSTRAND LIMITED AND FIRSTRAND BANK LIMITED CREDIT RATINGS

On 28 November 2017, Moody’s Investors Services (Moody’s) placed on review for downgrade the
Baa3 long-term local and foreign currency deposit ratings of five large banks in South Africa, including
FirstRand Bank Limited.

On 29 November 2017, S&P Global Ratings' (S&P) downgraded eight financial institutions in South
Africa, including FirstRand Limited and FirstRand Bank Limited.

These actions follow similar action taken on the South Africa sovereign rating. Both agencies do not
rate financial institutions in South Africa above the sovereign.

Summary of rating actions:

                                    To                                From
 FirstRand Bank Limited
 Issuer credit rating               BB/Stable/B                       BB+/Negative/B
 National scale                     zaAA-/zaA-1+                      zaAA/zaA-1+
 Senior unsecured                   BB                                BB+
 Subordinated                       B+                                BB-
 Subordinated                       zaA                               zaA+
 Junior subordinated                zaBBB+                            zaA-
 SACP                               bbb-                              bbb

 FirstRand Limited
 Issuer credit rating               B+/Stable/B                       BB-/Negative/B
 South Africa national scale        zaBBB+/zaA-2                      zaA-/zaA-2



S&P’s press release can be accessed on www.spglobal.com and the Moody’s release is available on
www.moodys.com.

30 November 2017

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

Date: 30/11/2017 04:54:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.