PPC LIMITED - PPCs credit rating upgraded to 'zaA-'investment grade

PPC’s credit rating upgraded to 'zaA-'investment grade

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE/ZSE code: PPC
JSE ISIN: ZAE000170049
JSE code: PPC002
JSE ISIN: ZAG000111212
JSE code: PPC003
JSE ISIN: ZAG000117524
(PPC or company or group)

PPC’s credit rating upgraded to 'zaA-'investment grade

On 29 June 2018 S&P Global Ratings (S&P) upgraded        its   long-term   South   Africa
national scale rating on PPC to 'zaA-' from 'zaBBB'.

The investment grade rating reflects S&P’s view that PPC’s underlying credit
metrics are broadly stable. In particular, S&P regard PPC as having adequate
liquidity and, as a result of the deleveraged balance sheet, sufficient covenant
headroom of greater than 15% based on their base case for 2019.

Furthermore, PPC’s short-term South Africa national scale rating was affirmed at
'A-2' and S&P removed the "under criteria observation" (UCO) designation from these
national scale ratings.

The ratings upgrade demonstrates the impact of the financial disciplines and
strategic measures PPC has introduced to improve the group’s liquidity and reduce
leverage as outlined in the group’s FOH-FOUR strategic priorities.

The full S&P report can be found at http://www.standardandpoors.com.

2 July 2018

Sponsor
Merrill Lynch South Africa (Pty) Limited

Debt Sponsor:
Absa Bank Limited
PPC:
Anashrin Pillay
Head Investor Relations
Tel: +27 (0) 11 386 9000

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
T +27 11 447 3030 | M +27 71 605 4294

Date: 02/07/2018 09:31:00 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.