MTN GROUP LIMITED - S&P has lowered MTN Groups credit ratings to 'BB+' and 'zaA+' with a stable outlook

S&P has lowered MTN Group’s credit ratings to 'BB+' and 'zaA+' with a stable outlook

MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN ZAE000042164)
(“MTN”, “MTN Group” or “the Group”)

FOLLOWING S&P GLOBAL RATINGS (“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
3 October 2016

Sponsor
Deutsche Securities (SA) Proprietary Limited

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