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Credit rating announcement
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
Company Code: BISAN
(“Santam” or “the Issuer”)
CREDIT RATING ANNOUNCEMENT
Noteholders are advised that following the rating adjustment on 3 April 2017 by S&P Global Ratings (‘S&P’)
of the South African Long-Term Foreign Currency Rating to ‘BB+’ from ‘BBB-’, S&P lowered their long-term
counterparty credit and financial strength ratings on Santam to ‘BBB-’ from ‘BBB’ on 7 April 2017,
maintaining their negative outlook. S&P’s ratings on Santam are limited by the local currency sovereign
credit rating on South Africa.
At the same time, Santam’s South African national scale rating was lowered to ‘zaAA-’from ‘zaAAA’ and the
South African national scale rating on subordinated and deferrable debt issued by Santam was lowered to
‘zaA-’ from ‘zaAA-’.
Santam’s Indicative Standalone Credit Profile before taking into account the Sovereign Risk adjustment
remained unchanged at “a-“.
The abovementioned rating adjustments are not expected to have a negative impact on Santam’s solvency
position. The group’s economic capital coverage ratio at 31 December 2016, based on the Santam internal
model, was 155%, close to the midpoint of the target range of 130% to 170%.
11 April 2017
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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