Moody’s downgrades Real People’s National scale ratings
Real People Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1999/020093/06)
Bond Issuer Code: BIRP
MOODY’S DOWNGRADES REAL PEOPLE’S NATIONAL SCALE RATINGS
Real People announces that Moody’s Investor Services
(“Moody’s”) has, on 11 June 2014, downgraded Real People’s
national scale issuer ratings to Ba1.za/NP.za, from Baa3.za/
P-3.za. The outlook for the issuer rating is revised to
negative from stable.
According to Moody’s, the primary driver of the rating
downgrade is the deterioration in Real People’s asset quality.
The negative outlook on Real People’s ratings reflects Moody’s
view of the challenging operating conditions within the South
African economic environment. Furthermore, whereas Moody’s
expects limited upside pressure on the rating, an improvement
in asset quality and profitability metrics and/ or a reduction
in the risk of further asset quality deterioration could
result in a change in the ratings outlook from negative to
stable within the next 12-18 months.
The Moody’s press release can be found on Real People’s
12 June 2014
Rand Merchant Bank (A division of FirstRand Bank Limited)
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