NEDBANK LIMITED1 - Nedbank Group and Nedbank Limited Credit Rating Action by Fitch and Standard & Poors

Nedbank Group and Nedbank Limited – Credit Rating Action by Fitch and Standard & Poor’s

                                                                                                                  
 
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
(“Nedbank Group”)

NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE share code: NBKP
ISIN: ZAE000043667
(“Nedbank Limited”)

NEDBANK GROUP AND NEDBANK LIMITED – CREDIT RATING ACTION BY FITCH AND STANDARD &
POOR’S

Following the lowering of the foreign currency ratings on the Republic of South Africa on Friday, 13 June 2014
by Fitch and Standard & Poor’s, the two rating agencies have taken a number of rating actions on South African
banks, including the ratings of Nedbank Group and Nedbank Limited.

Fitch’s ratings are applicable to both Nedbank Group and Nedbank Limited and Standard & Poor’s ratings are
applicable to Nedbank Limited. The specific rating changes are as follows:

Fitch Ratings:

Nedbank Group Limited:
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '2'
National Long-term Rating: affirmed at 'AA(zaf)'; Outlook Stable
National Short-term Rating: affirmed at 'F1+(zaf)'

Nedbank Limited:
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '2'
National Long-term Rating: affirmed at 'AA(zaf)'; Outlook Stable
National Short-term Rating: affirmed at 'F1+(zaf)'
Senior unsecured notes: Long-term rating affirmed at 'BBB', Short-term rating affirmed at 'F3'
Senior unsecured notes: National Long-term rating affirmed at 'AA(zaf)'
Subordinated notes: affirmed at 'BBB-'

Standard & Poor’s Ratings Services:

Nedbank Limited:
Counterparty Credit Rating: BBB/Negative/A-2 revised to BBB-/Stable/A-3
National Scale Ratings: affirmed at zaAA/--/zaA-1

Please refer to the Fitch and Standard & Poor’s press releases for any further information.
                                                      
 
Sandton
20 June 2014

Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital

Sponsors to Nedbank Limited:
Investec Bank Limited
Nedbank Capital

Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd

Date: 20/06/2014 03:14:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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