EKURHULENI METRO MUNICIPALITY - Ratings by Moody's Investor Services - BIEM

Ratings by Moody's Investor Services - BIEM

EKURHULENI METROPOLITAN MUNICIPALITY
Established in the Republic of South Africa in terms of section 12(1) of the Local Government: Municipal
Structures Act, 117 of 1998, read with Notice No 6768 of 2000 published in Provincial Gazette
Extraordinary No 141 dated 1 October 2000)
Company code: BIEM
(“Ekurhuleni” or the “Issuer”)

RATINGS UPDATE

On Friday, 9 June 2017, in line with market expectations, Moody’s Investor Service (“Moody’s”),
downgraded the long-term issuer and senior unsecured ratings of South Africa to Baa3 from Baa2, and
assigned a negative outlook.

In line with the sovereign rating of South Africa, Moody’s, on 12 June 2017, downgraded the long term
(‘LT’) issuer rating, to Baa3 from Baa2 and short term (‘ST’) issuer rating, to P-3 from P-2 on a global
scale. The national scale ST issuer rating was at affirmed P-1.za with the LT issuer rating affirmed at
Aaa.za.

The outlook on the ratings of Ekurhuleni changed from stable to negative.

The full Moody’s rating report on Ekurhuleni will be available online at http://www.ekurhuleni.gov.za.

14 June 2017

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking Division)

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