REDEFINE PROPERTIES LIMITED - Moodys affirms issuer ratings of Redefine

Moody’s affirms issuer ratings of Redefine

REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
Company code : BIRDF
(Approved as a REIT by the JSE)
(“Redefine”)


MOODY’S AFFIRMS ISSUER RATINGS OF REDEFINE


Noteholders are advised that following the sovereign downgrade and outlook change for South Africa on
9 June 2017, Moody's Investors Service (“Moody’s”) has, on 13 June 2017 affirmed the Baa3 long-term issue
rating of Redefine but changed the outlook from stable to negative.

In addition, the national scale rating (“NSR”) assigned to Redefine was affected by the revised national
scale mapping table for South Africa and as a result Redefine’s NSR has been raised to Aa1.za from Aa2.za.

The following ratings are now applicable for Redefine:

-   ST Issuer Rating, Affirmed P-3
-   LT Issuer Rating, Affirmed Baa3
-   NSR ST Issuer Rating, Affirmed P-1.za
-   Senior Secured Conv./Exch. Bond/Debenture, Affirmed Baa3
-   NSR Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1.za
-   Senior Unsecured Medium-Term Note Program, Affirmed (P)P-3
-   Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa3
-   NSR Issuer Rating, Raised to Aa1.za from Aa2.za
-   NSR Senior Unsecured Medium-Term Note Program, Raised to (P)Aa1.za from (P)Aa2.za

Noteholders are referred to the press release by Moody’s for additional information.

https://www.moodys.com/research/-PR_368103.

19 June 2017


Debt sponsor
Java Capital

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