GRINDROD BANK LIMITED - Credit rating action by GCR Ratings - GNDI

Credit rating action by GCR Ratings - GNDI

GRINDROD BANK LIMITED
(Registration no 1994/007994/06)
Incorporated in the Republic of South Africa
JSE alpha code: GNDI
(“Grindrod Bank”)

Credit rating action by GCR Ratings

Debt holders are advised that GCR Ratings (“GCR”) has on 13 August 2019 reviewed the ratings on
seven South African banks under its recently released new “Criteria for Rating Financial Institutions”.
As a result of this review, the ratings of these banks have been removed from ‘Under Criteria
Observation’ and revised in line with the new methodology. It should be noted that the rating
actions reflect a change in the mapping methodology and do not reflect any change in the
fundamental credit quality of the bank.

Summary of rating actions on Grindrod Bank:
                                                                     To               From
Long and short-term South African national scale ratings             BBB+/A2          BBB+/A2
Long-term international scale ratings                                B+               BB-
Rating Outlook                                                       Stable

GCR’s press release can be accessed on: www.gcrratings.com.

Shana Ashokumar
Company Secretary
Grindrod Bank Limited

16 August 2019

Debt sponsor:
Nedbank Corporate and Investment Bank

Date: 16/08/2019 10:40:00
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