COMMISSIONER STREET NO 1 (PTY) LTD - MFS1A1 ; MFS1A2 and MFS1B - Rating downgrade of Commissioner Street No. 1 by Moody's Investors Service

MFS1A1 ; MFS1A2 and MFS1B - Rating downgrade of Commissioner Street No. 1 by Moody's Investors Service

COMMISSIONER STREET NO. 1 (PTY) LIMITED

Bond Codes:                  ISIN Codes:
MFS1A1                       ZAG000082793
MFS1A2                       ZAG000082801
MFS1B                        ZAG000082819

RATING DOWNGRADE OF COMMISSIONER STREET NO. 1 BY MOODY’S INVESTORS
SERVICE ("MOODY’S")

Notice is hereby given that Moody’s has on 12 October 2012 downgraded the global scale local-
currency rating of the Class A1 and Class A2 senior notes from Aaa(sf) to A1(sf) ratings due to the
revision of South Africa’s local currency ceiling on a global scale and its local currency ceiling for debt
and deposits. The notes, however, retain their Aaa.za national scale rating.

As detailed in their report of 12 October 2012, the downgrade was prompted by “Moody’s updated
view that the transaction is exposed to some of the country’s risks reflected in South Africa’s local-
currency ceiling on the global scale, and the lowering of Moody’s local-currency ceiling for debt and
deposits to A1 from Aa2” of South Africa’s government bonds.

According to the report, since all payments in connection with the transaction transit through South
Africa’s payment system, the transaction could no longer pierce the country ceiling.

The complete ratings report is available for download from the Moody’s Investors Service website.

Johannesburg
16 October 2012

Debt sponsor
Absa Capital
(the investment banking division of Absa Bank Limited, affiliated with Barclays)

Date: 16/10/2012 10:57:00 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.