DENEL SOC LIMITED - Credit rating announcement

Credit rating announcement

DENEL SOC LIMITED
Registration number: 1992/001337/30
JSE Alpha Code: BIDEN
(“Denel”)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Fitch Ratings (“Fitch”) has downgraded Denel’s national long-term
rating to 'B(zaf)' from 'AA-(zaf)' and Denel’s national short-term rating to 'B(zaf)' from 'F1+(zaf)'.

It should be noted that Denel continues to benefit from Government's irrevocable and unconditional
guarantee of R3.4bn of Denel’s registered R4bn domestic medium-term note programme.

The full rating announcement is available upon request.

08 March 2019

Debt Sponsor
Nedbank Corporate and Investment Banking

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