BARLOWORLD LIMITED - BIBAW - Fitch Ratings downgrades Barloworld Limited

BIBAW - Fitch Ratings downgrades Barloworld Limited

Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Bond issuer code: BIBAW)
(“Barloworld” or “the group”)

Fitch Ratings downgrades Barloworld Limited to A+(ZAF) - Outlook Stable

Fitch Ratings has downgraded Barloworld Ltd's National Long-Term rating and its domestic medium
term notes' (DMTN) senior unsecured issue rating to 'A+(zaf)' from 'AA-(zaf)'. Fitch has also
downgraded the National Short-term rating to 'F1(zaf)' from 'F1+(zaf)'. The Outlook is Stable.

The downgrade follows Fitch's revised assessment of Barloworld's credit profile, as it considers that
Barloworld's relative national scale rating profile is more accurately reflected at the 'A+(zaf)' rating
level, rather than any perceived deterioration in the economic fundamentals of Barloworld.

For the financial year ended 30 September 2013 Barloworld Limited reported strong financial results
growing revenue by 11%, EBITDA by 15% and operating profit by 18%. Cash flows from operations
increased significantly to R4.3 billion (2012: R43 million utilised). Group total debt to equity improved
to 65% (2012: 77%) while group net debt to equity improved to 47% (2012: 57%).
In the recent trading update Barloworld reported a solid group performance for the first quarter, with
overall trading results ahead of the prior year.

Johannesburg
12 February 2014

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)

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