LIBERTY GROUP LIMITED - Credit Rating

Credit Rating

LIBERTY GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1957/002788/06)
Instrument Code: LGL03 ISIN: ZAG000100249
Instrument Code: LGL04 ISIN: ZAG000105784
Instrument Code: LGL05 ISIN: ZAG000122250
Instrument Code: LGL06 ISIN: ZAG000139536
Instrument Code: LGL07 ISIN: ZAG000139544


(“Liberty”) or (“the Issuer”)


Amendment to Liberty Group Limited credit rating

In accordance with paragraph 4.26 of the JSE Debt Listings
Requirements, noteholders are hereby advised of the amendment to
Liberty Group’s credit rating effective on 7 August 2017.

The Standard and Poors Global Ratings (“S&P”) has revised the
South Africa national scale ratings on insurers after criteria
observation on 27 July 2017. Noteholders are hereby advised that
S&P has accordingly revised Liberty’s credit ratings as per
below:

Rating to zaAAA from zaAA- on Liberty’s long-term South African
national scale rating

Ratings to zaAA from zaA on the Issuer’s deferrable subordinated
notes:
-LGL06
-LGL07

Ratings to zaAA+ from     zaA+   on   the   Issuer’s   non-deferrable
subordinated notes:
-LGL03
-LGL04
-LGL05


This rating action does not reflect any change in S&P’s view of
the fundamental credit quality of the issuer or issues; nor does
it affect S&P’s global scale issuer and issue credit ratings on
the insurers.


For commentary on detailed ratings taken on Liberty Group please
refer to the S&P’s press release on their website:
www.standardandpoors.com/ratingsdirect


Johannesburg
22 August 2017

Debt Sponsor: The Standard Bank of South Africa Limited

Date: 22/08/2017 10:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.