THE STANDARD BANK OF SOUTH AFRICA LIMITED - Standard Bank Group and The Standard Bank of South Africa Limited Rating Action by Fitch Ratings

Standard Bank Group and The Standard Bank of South Africa Limited Rating Action by Fitch Ratings

Standard Bank Group Limited
(Registration Number 1969/017128/06)
Issuer Code: SBT1, SBT2

The Standard Bank of South Africa Limited
(Registration number 1962/000738/06)
JSE bond codes: SBS, SBK, SBN, SBR, ETN series


STANDARD BANK GROUP AND THE STANDARD BANK OF SOUTH AFRICA LIMITED
RATING ACTION BY FITCH RATINGS

In accordance with paragraph 6.8 of the JSE Debt Listings
Requirements, noteholders are hereby advised that on 27 November
2020, Fitch Ratings (“Fitch”) downgraded The Standard Bank of South
Africa Limited’s (“SBSA”) Long-Term Issuer Default Rating (IDR) to
‘BB-’ from ‘BB’ and the Viability Rating (VR) to ‘bb’ from ‘bb-’.
The outlook is negative. Fitch also downgraded the long-term IDR and
VR of the holding company, Standard Bank Group Limited (“SBG”) to
‘BB-‘ and ‘bb-‘ from ‘BB’ and ‘bb’ respectively . All
debt ratings on the international scale have also been downgraded by
one notch.

Fitch’s rating downgrade of SBG and SBSA follows their decision to
downgrade the SA Sovereign’s Long-Term IDR on 20 November 2020 from
‘BB’ to ‘BB-’and maintain the negative outlook.

The downgrade by Fitch, in itself, is not expected to have a
material impact on SBG’s and SBSA’s risk weighted assets (RWA) and
capital adequacy. The group remains well capitalised and liquid.

Further details on the rating action can be viewed on the following
link:

Refer to: Fitch Downgrades South Africa to 'BB-'; Outlook Negative
at www.fitchratings.com

Johannesburg
30 November 2020

Debt Sponsor
The Standard Bank of South Africa Limited
jsesponsor@standardbank.co.za

Date: 30-11-2020 03:46:00
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