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BARCLAYS AFRICA GROUP LIMITED - Barclays Africa Group Ltd - BAGL- Initial Credit Rating Assigned by Moody's Investor Services

Release Date: 18/07/2017 16:40
Wrap Text
Barclays Africa Group Ltd  - BAGL- Initial Credit Rating Assigned by Moody's Investor Services

BARCLAYS AFRICA GROUP LIMITED
(Incorporated with limited liability in South Africa under registration number 1986/003934/06)
Bond Issuer Code: BAGL
(“Barclays Africa Group” or “BAGL”)


BARCLAYS AFRICA GROUP: INAUGURAL ISSUER CREDIT RATING ASSIGNED 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 17 July 2017, assigned a first time long and short-term issuer rating of Ba1/Not-prime, and a
Aa3.za/P-1.za national scale issuer rating to Barclays Africa Group. The outlook on the long-term issuer
rating is negative.

Moody’s states that the rating captures BAGL’s good capital buffers with a Common Equity Tier 1 (CET1)
ratio of 11.8% as of March 2017 and an equity-to-assets ratio of 9.3% as of December 2016; its solid
profitability metrics with reported return on equity of 16.6%; rising liquidity buffers; and the Group’s
extensive sub-Saharan Africa operations that provide diversification benefits and growth potential.

BAGL’s Ba1 issuer rating is positioned one notch below the adjusted baseline credit assessment (BCA)
of Baa3 assigned to Absa Bank Limited. BAGL’s issuer ratings carry a negative outlook, which is
primarily driven by the negative outlook on South African’s government rating (Baa3, negative).

Summary of ratings actions:

Assignments:

 * Long-term Issuer Ratings (Local and Foreign Currency), Assigned Ba1 Negative

 * Short-term Issuer Ratings (Local and Foreign Currency), Assigned Not-Prime

 * National Scale Rating Long-Term Issuer Rating, Assigned Aa3.za

 * National Scale Rating Short-Term Issuer Rating, Assigned P-1.za

Outlook Actions:

 * Negative Outlook Assigned



18 July 2017

Debt sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited

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