MOBILE TELEPHONE NETWORKS HOLDINGS LIMITED - Credit Rating Revision by S&P Global Ratings (S&P) - MTN04

Credit Rating Revision by S&P Global Ratings (“S&P”) - MTN04

MOBILE TELEPHONE NETWORKS HOLDINGS PROPRIETARY LIMITED
Incorporated in the Republic of South Africa
(Registration number 1993/001411/07)
Instrument Code: MTN04 ISIN: ZAG000078619
(“MTNH”) or (“the Company”)


MTN Group Limited-Credit Rating Revision by S&P Global Ratings
(“S&P”)

In terms of section 4.26 of the JSE Debt Listing Requirements,
note-holders are hereby advised of MTN Group Limited’s latest
rating action by S&P as per the below:


Following S&P Downgrade of Nigeria’s Sovereign Rating to 'B'
from 'B+', S&P has lowered MTN Group’s credit ratings To 'BB+'
and 'zaA+' with a stable outlook.

On September 16, 2016, S&P lowered its long-term ratings on
Nigeria to 'B' from 'B+' on Weak Growth Dynamics; Outlook Stable.
The sovereign downgrade reflects increased risk for MTN Group,
as MTN Nigeria is a significant contributor to the Group.

On review of MTN’s ratings, S&P lowered the Group’s long-term
corporate credit rating to 'BB+' from 'BBB-' as well as its
South Africa national scale rating to 'zaA+' from 'zaAA’,
Outlook Stable. S&P also lowered its issuer rating on the Group's
existing senior unsecured debt to 'BB+' from 'BBB-', Outlook
Stable. S&P maintains a cap of two notches above the blended
sovereign rating of Nigeria and South Africa which is currently
'BB-'.


Fairland
30 September 2016


Debt Sponsor: The Standard Bank of South Africa Limited, acting
through its Corporate and Investment Banking division.

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