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Amendment to FirstRand Bank Limited Credit Ratings
FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
Issuer code: FRII
Issuer code: FRD
Issuer code: FRLE
(FRB or the bank)
AMENDMENT TO FIRSTRAND BANK LIMITED CREDIT RATINGS
Noteholders are referred to the Moody’s Investor Services (Moody’s) press release issued on 12 June
2017, in which the ratings of South Africa’s largest banks were downgraded following the lowering of
the foreign and local currency ratings of the Government of South Africa to Baa3 with a negative
outlook.
Moody’s indicated that banks’ ratings are constrained by the rating of the government. As a result, the
long-term local and foreign currency deposit ratings of FRB were lowered to Baa3 from Baa2, which
remains investment grade. The outlook changed to negative from rating under review, whilst the
short-term ratings have been downgraded to P-3 from P-2.
At the same time Moody’s affirmed FRB’s national scale ratings for long-term and short-term bank
deposits at Aaa.za/P-1.za. It is worth noting that Moody’s long-term national scale rating of Aaa.za for
FRB remains the highest in the country, reflecting the bank’s strong level of capitalisation.
Moody’s press release can be accessed on: www.moodys.com.
13 June 2017
Debt Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 13/06/2017 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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