CAPITEC BANK HOLDINGS LIMITED - Capitec Bank Deposit Ratings

Capitec Bank Deposit Ratings

Capitec Bank Holdings Limited
Incorporated in the Republic of South Africa
Registration number 1999/025903/06
Registered bank controlling company
JSE share codes: CPI - ISIN : ZAE000035861
JSE preference share code: CPIP ISIN code: ZAE000083838
("Capitec")

Capitec Bank Limited
Incorporated in the Republic of South Africa
Registration No. 1980/003695/06
Company code: BICAP
(“Capitec Bank” or “the Bank”)

CAPITEC BANK DEPOSIT RATINGS

On 10 November 2014, Moody’s Investor Service (“Moody’s”)
concluded the Bank’s global deposit ratings of Ba2/NP, as
well as the national scale issuer ratings of Baa1.za/P-
2.za. Despite the fact that the South African sovereign
ratings were downgraded by Moody’s last week and the fact
that Capitec Bank’s ratings were under review for a
downgrade since 15 August 2014, the outlook was adjusted
upwards to stable.

Moody’s states that this stable outlook reflects their view
that Capitec Bank’s Ba2 deposit ratings adequately balance
the Bank’s strong loss-absorption capacity and
comprehensive underwriting and provisioning policies
against the current risks in the operating environment in
South Africa’s unsecured lending market.

The Bank is satisfied that Moody’s changed the outlook to
stable, noting that this outlook reflects their recognition
that the Bank’s growing transactional banking customer
base, retail funding profile and solid liquidity levels
mitigate the challenging operating conditions in South
Africa.

Stellenbosch
11 November 2014

Sponsor: PSG Capital (Pty) Limited

Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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