Sharenet Sites 
Sharenet Sites
Credit rating announcement - REB01, REBC02, REBC03
REBOSIS PROPERTY FUND LIMITED
(Registration number 2010/003468/06)
CREDIT RATING ANNOUNCEMENT
Stock code: REB01
ISIN code: ZAG000126616
Stock code: REBC02
ISIN code: ZAG000128000
Stock code: REBC03
ISIN code: ZAG000131608
Rebosis would like to advise all its Note-holders that on 7 July 2016 Global Credit Ratings (GCR)
affirmed its national scale ratings to Rebosis of A-(za) and A1-(za) in the long term and short term
respectively.
The outlook on the rating is accorded as Evolving, recognising the notable headway that Rebosis has
made in the past two years with the acquisition of a 59% stake in Ascension, 67.5% of New Frontier
and the recently proposed R6 billion agreement to acquire three retail assets and services
businesses from Billion Group.
If successful, these acquisitions are expected to raise the value of the consolidated investments per
IFRS to c.R29 billion by FYE16, placing it amongst the JSE’s upper tier listed REITS.
The Evolving outlook accorded reflects both the potential upward rating impact of these changes, as
well as downward movement that would be warranted if high gearing metrics and a lumpy debt
maturity profile persist.
The full GCR rating report on Rebosis is available online at
https://globalratings.net/reports_section/companies/view/552
Date: 12th July 2016 (date of announcement)
Debt Sponsor: Nedbank CIB, a division of Nedbank Limited
Date: 12/07/2016 02:08:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
