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Moody's Investors Service Downgrades National & Global Scale Ratings of Real People Investment Holdings Limited BIRP
Real People Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1999/020093/06)
Bond Issuer Code: BIRP
(“Real People”)
MOODY'S INVESTORS SERVICE DOWNGRADES THE NATIONAL AND GLOBAL SCALE
RATINGS OF REAL PEOPLE INVESTMENT HOLDINGS LIMITED
Noteholders are advised that Moody's Investors Service (“Moody’s”)
has, on 26 May 2017, downgraded the National and Global Scale Ratings
of Real People, respectively, to Ca.za from Caa2.za and to Ca from
Caa2. The ratings carry no outlook.
According to Moody’s the downgrade captures the increased risk of
Real People’s creditors suffering significant losses, owing to a
capital shortfall, following the announcement by Real People on 17
May 2017 that it has entered into a debt standstill agreement with
the majority of its creditors.
Noteholders are further advised that, in accordance with section 6.5
of the Johannesburg Stock Exchange’s Debt Listing Requirements the
bonds issued by Real People are considered to be of a speculative
nature and investors should seek independent professional advice
prior to investing in the debt securities of the Issuer.
Noteholders are referred to the rating action notice released by
Moody’s for any additional information, also available on the
company’s website at
http://www.realpeoplegroup.co.za/index.php?nav=credit-rating-reports.
30 May 2017
Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
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