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Ratings by Moody's Investor Services - BICS
Commissioner Street No 1 (RF) Limited
(Registration number 2007/033844/07)
Bond Codes: ISIN Codes:
MFS1A2 ZAG000082801
MFS1B ZAG000082819
CREDIT RATING ACTION BY MOODY’S INVESTORS SERVICES (“MOODY’S”)
Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that Moody’s has
on 13 June 2017, downgraded the rating of Class A2 Notes on Commissioner Street No.1 (RF) Limited.
This rating action is prompted by the decrease of South Africa’s local-currency bond and deposit ceiling
from A1 to A2 on June 9th 2017.
According to Moody’s, the primary driver of the ratings downgrade is the challenging operating
environment in South Africa, characterized by a pronounced economic slowdown, and weakening
institutional strength.
The decision to affirm the Issuer’s national scale ratings (NSRs) on Class A2 at ‘Aaa.za is in line with the
Moody's National Scale Rating Maps by Country published and updated on the 9th of June 2017.
Further details are available on Moody’s website or press release ‘Moody's downgrades the rating of
South African ABS notes issued by Commissioner Street No.1 (Proprietary) Limited’.
14 June 2017
Debt sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)
Date: 14/06/2017 03:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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