BIMS - Macquarie Securities South Africa (Proprietary) Limited - Ratings

BIMS - Macquarie Securities South Africa (Proprietary) Limited - Ratings        
announcement.                                                                   
Rating Agency:  Standard & Poor`s ("S&P")                                       
Subsequent to the Standard & Poors Rating Services criteria based rating        
actions affecting Macquarie Group Ltd on 1 December 2011; and in accordance     
with paragraph 4.25 of the JSE Debt Listings Requirements, noteholders are      
advised that:                                                                   
1. The South Africa national scale long term credit rating of the ZAR5billion   
Note Programme (the "Programme") established by Macquarie Securities South      
Africa (Proprietary) Limited (the "Issuer") was lowered to ZaAA-, from ZaAA+.   
Simultaneously, based on S&P`s global ratings scale, the long-term local        
currency credit rating was lowered to BBB, from A-.                             
2. The South Africa national scale short term credit rating of the Issuer`s     
Programme was affirmed at ZaA-1. Simultaneously, based on S&P`s global          
ratings scale, the short term local currency credit rating was affirmed at A-   
2.                                                                              
The global scale ratings on the Programme are equalised with the credit         
rating on the Issuer`s Australia-based parent company, Macquarie Group          
Limited ("MQG") (BBB/Stable/A-2), reflecting a guarantee from MQG. The parent   
has unconditionally and irrevocably guaranteed timely payment in terms of all   
the notes issued under the Programme. The Programme`s national scale ratings    
are based on its "BBB" global scale local currency long term rating, and are    
consistent with the mapping guidelines for S&P`s national credit rating scale   
for South Africa, as outlined in the criteria article, "Standard and Poor`s     
Provides Mapping Guidance For Its South Africa National Credit Rating Scale",   
published December 2007 on Global Credit Portal Ratings Direct at               
www.globalcreditportal.com.                                                     
For further information on the Note issued please contact:                      
Sponsor - SBSA                                                                  
Andrew Costa                                                                    
Tel:(011) 378 7008     Email:andrew.costa@standardbank.co.za                    
Dated: 19 December 2011                                                         
Date: 19/12/2011 14:39:01 Supplied by www.sharenet.co.za                     
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