THE THEKWINI FUND 14 (RF) LIMITED - Rating Action - TH14B1 and TH14C1

Rating Action - TH14B1 and TH14C1

The Thekwini Fund 14 (RF) Limited
(“Thekwini 14”)

TH14B1 and TH14C1 NOTE DOWNGRADE

Dated: 21 February 2017
Stock Codes: TH14B1, TH14C1
ISIN Codes: ZAG000140476, ZAG000140484

Notice:

Moody’s investor Services yesterday downgraded the TH14B1 Note to
Baa3(sf)/Aa2.za (sf) and the TH14C1 Note to Ba2(sf)/A3.za(sf). These
ratings are aligned with the ratings assigned to the newly issued,
pari passu ranking TH14B2 and TH14C2 Notes respectively. The current
ratings exceed the preliminary ratings assigned to the notes as
communicated to investors prior to the initial issue date.

The Moody’s media release can be accessed directly through the
following   link  -   https://www.moodys.com/research/Moodys-takes-
rating-actions-on-notes-issued-by-The-Thekwini--PR_362320

Sponsor:                       The Standard Bank of South Africa
                               Limited
For further information on the Notes issued please contact:
Mike Brunke Standard Bank (Sponsor) (011) 721 8101
Email: mike.brunke@standardbank.co.za

Date: 21/02/2017 09:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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