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HYPROP INVESTMENTS LIMITED - Moodys Recalibrates South Africas National Rating Scale and Repositions National Scale Ratings of Non-Financial Co

Release Date: 13/05/2016 08:57
Code(s): HILC28 HILB02 HILC30 HILB03 HILB04 HILC29 HILC31     PDF:  
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Moody’s Recalibrates South Africa’s National Rating Scale and Repositions National Scale Ratings of Non-Financial Co

   HYPROP INVESTMENTS LIMITED
   (Incorporated in the Republic of South Africa)
   (Registration number 1987/005284/06)

   Instrument Code      ISIN Code
   HILB02               ZAG000099748
   HILB03               ZAG000105149
   HILB04               ZAG000110420
   HILC28               ZAG000133174
   HILC29               ZAG000133182
   HILC30               ZAG000135286
   HILC31               ZAG000136235


   (Approved as a REIT by the JSE)
   (“Hyprop” or “the Company”)

Moody’s Recalibrates South Africa’s National Rating Scale        and
Repositions National Scale Ratings of Non-Financial Corporates

Noteholders are advised of Moody’s Investor Services (“Moody’s”)
recent decision to recalibrate the National Scale Rating (“NSR’s”)
of 17 South African non-Financial corporates in conjunction with the
recalibration of the South African national rating scale.         In
addition to the above, Moody’s has also assigned global scale
ratings (GSR’s) to these issuers for the first time.

As a consequence to this methodology adjustment, Hyprop’s NSR Issuer
Rating (local currency) has been repositioned from A3.za to Aa3.za
and P-1.za from P-2.za.

In addition to the above, Moody’s has stated that ratings of P-3 and
Baa3 have been newly assigned as local global scale ratings and are
supported by the high quality retail portfolio which benefits from
active   management  producing   solid,   recurring  rental   income,
supported by low vacancies and well-positioned retail assets.

The ratings also incorporate relatively strong credit metrics as
measured by total debt-to-gross assets and factor in Hyprop's
conservative approach to development risk.

The principal methodology used in rating Hyprop was Global Rating
Methodology for REITS and other Commercial Property Firms published
in July 2010.

The detailed press release regarding this is available for viewing
on the Moody’s website:
https://www.moodys.com/research/Moodys-recalibrates-South-Africas-
national-rating-scale-and-repositions-national--PR_348432



   Johannesburg

   13 May 2016
   Debt Sponsor
   The Standard Bank of South Africa Limited (Debt Sponsor)
   Kea Sape
   Tel: 011 344 7654
   Email: kea.sape@standardbank.co.za

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