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GRT/BIGRO - Growthpoint Properties Limited - Announcement of credit ratings

Release Date: 20/06/2011 12:05
Code(s): JSE GRT
Wrap Text

GRT/BIGRO - Growthpoint Properties Limited - Announcement of credit ratings change by Moody`s Investor Services Growthpoint Properties Limited (Incorporated in the Republic of South Africa) Registration number 1987/004988/06 JSE share code:GRT ISIN: ZAE000037669 ("Growthpoint") ANNOUNCEMENT OF CREDIT RATINGS CHANGE BY MOODY`S INVESTOR SERVICES ("Moody`s") We refer to the Moody`s announcement released 17 June 2011. Growthpoint wishes to confirm that Moody`s lowered the global and national scale long-term and short-term Issuer and senior unsecured ratings on Friday, 17 June 2011. Previous ratings: Global scale - Baa2 long-term / P-2 short-term National scale - A1.za long-term / P1.za short-term Outlook - Rating Under Review ("RUR") Current ratings: Global scale - Baa3 long-term / P-3 short-term National scale - A2.za long-term / P2.za short-term Outlook - Stable Moody`s commented that the downgrade is primarily driven by weakened credit metrics following the debt-financed acquisition of the Victoria & Alfred Waterfront properties and highlighted that the broader business model, management team and property portfolio remain robust. Growthpoint`s liquidity profile also continues to be well managed. This announcement concludes the Moody`s rating review process that was initiated on 15 February 2011. Sandton 20 June 2011 Debt Sponsor Absa Capital (the investment banking division of Absa Bank Limited, affiliated with Barclays Capital) Date: 20/06/2011 12:05:01 Supplied by www.sharenet.co.za 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.

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