RDF - Redefine Properties - News Release - Moody`s announces Redefine`s credit

RDF - Redefine Properties - News Release - Moody`s announces Redefine`s credit  
rating                                                                          
REDEFINE PROPERTIES LIMITED                                                     
Registration number 1999/018591/06                                              
JSE share code: RDF                                                             
ISIN: ZAE000143178                                                              
("Redefine" or "the company" or "the group")                                    
NEWS RELEASE - MOODY`S ANNOUNCES REDEFINE`S CREDIT RATING                       
Redefine is well positioned to access alternative unsecured funding markets such
as corporate bonds cost effectively, following the announcement of the company`s
credit rating assessment by Moody`s.                                            
Redefine Financial Director, Andrew Konig, says the company is pleased with the 
outcome of the first time credit rating from Moody`s, which classifies Redefine 
as "investment grade with a stable outlook" on a global and national scale, and 
ranks the company amongst the likes of AngloGold Ashanti, Gold Fields,          
Growthpoint Properties, MTN Group and Naspers on the global rating.             
Moody`s assigned a global long-term and short-term Issuer and Senior Unsecured  
Ratings of Baa3 and Prime-3 (P-3) to Redefine. Concurrently, Moody`s has also   
assigned long-term and short-term National Scale Ratings of A3.za and Prime-2.za
(P-2.za). The outlook on the ratings is stable. Moody`s defines obligations     
rated Baa as subject to moderate credit risk, and are considered medium grade   
and as such may possess certain speculative characteristics.                    
Moody`s says the ratings are underpinned by Redefine`s large portfolio of       
predominantly South African properties with a good occupancy rate that produces 
very high margins with relatively low volatility compared to its global peers.  
The company has developed a diversified offshore property exposure via its      
subsidiary Redefine Properties International Ltd, with property investments in  
the UK, Germany, Switzerland and Australia.                                     
The ratings also incorporate relatively strong credit metrics and the ratings   
are supported by the company`s recurring, contractual rental income.            
Furthermore, the company`s approach to development risk is conservative, with no
more than 5% of the total property portfolio`s assets representing developments 
at any one time.                                                                
The stable outlook reflects Moody`s view that the South African economy is      
emerging from recession and the property sector continues to improve. Moody`s   
believes that Redefine will continue to produce steady rental income, make well-
conceived investments and produce good operating returns.                       
30 June 2011                                                                    
Sponsor                                                                         
Java Capital                                                                    
Date: 30/06/2011 16:06:22 Supplied by www.sharenet.co.za                     
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