BARLOWORLD LIMITED - BIBAW - Fitch Affirms Barloworld at A+(zaf); Withdraws Ratings

BIBAW - Fitch Affirms Barloworld at ‘A+(zaf)’; Withdraws Ratings

Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Bond issuer code: BIBAW)
(“Barloworld” or “the group”)

Fitch Affirms Barloworld at ‘A+(zaf)’; Withdraws Ratings

Fitch Ratings (“Fitch”) has affirmed Barloworld’s National Long-Term Rating as A+(zaf) with a Stable
Outlook and National Short-Term Rating as F1(zaf). Fitch has also affirmed the group’s domestic
medium-term notes’ senior unsecured rating at A+(zaf). Fitch has simultaneously withdrawn all of
Barloworld’s ratings following the deregistration of Fitch as a credit rating agency by the South African
Financial Services Board in September 2015, and the subsequent inability of Fitch to issue credit
ratings for regulatory purposes in South Africa.

Fitch attributed the affirmation to the solid operating performance of Barloworld despite economic
challenges with increased profit margins and healthy funds flow from operations as well as solid
revenue and operating profitability growth for H1 2016. The Fitch statement also pointed to
significantly lower working capital outflow than normal for the usual working capital cycle for H1 2016,
which Fitch expects will enable Barloworld to generate positive working capital inflows in the second
half of 2016, leading to an improved leverage position.

Barloworld maintains the long-term and short-term issuer Global Scale Ratings of Baa3 and P-3 and
long-term and short-term National Scale Ratings of Aa3.za and P-1.za assigned by Moody’s Investor
Services in June 2016.

Johannesburg
15 September 2016

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)

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