NEDBANK LIMITED - Amendment to Nedbank Limited Credit Ratings - BINBK

Amendment to Nedbank Limited Credit Ratings - BINBK

NEDBANK LIMITED
Nedbank Limited Reg No 1951/000009/06
Incorporated in the Republic of South Africa
Alpha Code: BINBK


Amendment to Nedbank Limited’s credit ratings



Noteholders are referred to the Moody’s Investor Services (Moody’s) press release issued on 12th
June 2017, in which the long-term local and foreign currency deposit ratings of South Africa’s five
largest banks were downgraded. The rating concludes the review initiated on 4 April 2017 and
follows the downgrade of the Government of South Africa’s foreign and local currency ratings to
Baa3 with a negative outlook which occurred on Friday 9th June 2017.

Due to the banks’ ratings being constrained by the rating of the government the long term local
and foreign currency deposit ratings of Nedbank were lowered to Baa3 from Baa2 and placed on
negative outlook in line with the sovereign. The short term bank deposit rating was downgraded
to P-3 from P-2.

At the same time Moody’s affirmed Nedbank’s national scale rating for long-term and short-term
bank deposits at Aa1.za/P-1.za.

Moody’s has also acknowledged the increase in Nedbank’s common equity Tier 1 ratio to 12.3%
as of March 2017, from 10.5% in March 2016, and the strengthening of the bank’s liquidity
metrics .

Sandton
14 June 2017


Debt Sponsor: Nedbank CIB


Registered office: Nedbank 135 Rivonia Campus, 135 Rivonia Road, Sandown, Sandton, 2196; PO Box
1144, Johannesburg, 2000.

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