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Withdrawal Of Mercantile Bank Limited’s Moody’s Investor Services Credit Ratings
Capitec Bank Holdings Limited
Registration number 1999/025903/06
Registered bank controlling company
Incorporated in the Republic of South Africa
JSE ordinary share code: CPI ISIN code: ZAE000035861
JSE preference share code: CPIP ISIN code: ZAE000083838
("Capitec" or "the company")
Capitec Bank Limited
Incorporated in the Republic of South Africa
Registration No. 1980/003695/06
Company code: BICAP
Stock Code: CBL22
ISIN Code: ZAG000105305
Stock Code: CBL24
ISIN Code: ZAG000130881
Stock Code: CBL26
ISIN Code: ZAG000136128
Stock Code: CBL27
ISIN Code: ZAG000143884
Stock Code: CBL28
ISIN Code: ZAG000151333
Stock Code: CBL29
ISIN Code: ZAG000158874
(“Capitec Bank” or “the bank”)
WITHDRAWAL OF MERCANTILE BANK LIMITED’S (“MERCANTILE”) MOODY’S INVESTOR
SERVICES (MOODY’S) CREDIT RATINGS
On 26 November 2019, Mercantile requested a withdrawal of their Moody’s
credit ratings. The credit ratings at the time of withdrawal were
Ba3/Not-Prime global scale and Baa1.za/P-2.za national scale issuer
ratings. At the time of the withdrawal, the long-term global scale
issuer rating had a stable outlook.
Mercantile withdrew its Moody’s credit ratings following its acquisition
by Capitec Bank on 7 November 2019. Mercantile is a wholly-owned
subsidiary of Capitec Bank. Capitec Bank is rated by S&P Global Ratings.
There is thus no reason for Mercantile to continue to have separate
credit ratings. The integration of Mercantile into Capitec Bank is in
process and it will become a division of Capitec Bank. Moody’s issued a
statement today in which they indicate that the ratings were
discontinued due to ‘business reasons’. Included in Moody’s definition
of ‘business reasons’ they state ‘Moody’s generally do not reflect any
concerns about the Rated Entity’s creditworthiness or the quality of its
management’.
20 March 2020
Stellenbosch
Sponsor PSG Capital
Date: 20-03-2020 04:50:00
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