Amendment to Standard Bank Group and The Standard Bank of South Africa credit ratings
Standard Bank Group Limited
Registration No. 1969/017128/06
Incorporated in the Republic of South Africa
JSE share code: SBK
NSX share code: SNB
NSX share code: SNB ZAE000109815
(“Standard Bank Group” or “SBG”)
The Standard Bank of South Africa Limited
SBS, SBSi, SBK, SBAG, SBAS, SBAPL, SBAPD, SBAE, SBACRN, SBAWHT,
SBACOP, SBAOIL, SBACI, SBN, SSN and CLN (all JSE listed bonds
issued in terms of The Standard Bank of South Africa Limited’s
Domestic Medium Term Note Programme and Structured Note
Programme (formerly the Credit Linked Note Programme))
(“The Standard Bank of South Africa” or “SBSA”)
Standard Bank Group Limited
SBT1 (JSE listed bonds in terms of Standard Bank Group Limited’s
Domestic Medium Term Note Programme)
Amendment to Standard Bank Group and The Standard Bank of South
Africa credit ratings
In accordance with paragraph 4.26 of the JSE Listings
Requirements, noteholders are hereby advised of the amendment to
SBG and SBSA’s credit rating effective on 11 April 2017.
Following the lowering by Fitch Ratings (“Fitch” or “the
agency”) of South Africa’s sovereign Long-Term Foreign and Local
Currency IDRs to BB+ from BBB-, which were assigned on 7 April
2017, the agency yesterday downgraded a number of South Africa’s
largest banks, as their ratings are constrained by the sovereign
Consequently, Fitch has downgraded the Long-Term Issuer Default
Ratings (IDRs) of SBG and SBSA to BB+ from BBB-. The Short-Term
IDRs have been downgraded to B from F3. The outlook is stable.
At the same time, the long-term and short-term national ratings
of SBG and SBSA were affirmed as F1+(ZAF) and AA(ZAF)
respectively, with a stable outlook.
Fitch has noted the banks as having strong franchises, sound
management and governance and solid financial metrics.
For commentary on the detailed ratings action taken on SBG and
SBSA, together with the other South African Banks, please refer
to the Fitch press release on their website:
12 April 2017
Debt Sponsor: The Standard Bank of South Africa Limited
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