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Ratings update
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Income Tax Registration number 9000/051/71/5)
(Share code: BAW)
(JSE ISIN: ZAE000026639)
(Share code: BAWP)
(Bond issuer code: BIBAW)
(JSE ISIN: ZAE000026647)
(Namibian Stock Exchange share code: BWL)
("Barloworld”)
RATINGS UPDATE
On 7 November 2019, Moody’s affirmed Barloworld’s long-term Global Scale Ratings of Baa3, and
long-term National Scale Ratings of Aa1.za, however announced that the outlook on the ratings of
Barloworld had changed from stable to negative as a direct consequence of the change of outlook
on the Baa3 sovereign rating of South Africa.
Moody’s reported that with close to 75% of revenue and operating profit derived from South Africa,
Barloworld is intrinsically linked to the macro environment of South Africa and thus an upgrade is
unlikely unless the South African government bond rating is also upgraded.
In our view, Barloworld’s earnings potential is not solely linked to South Africa with our offshore
investments providing some geographic diversification. We have a robust strategy (fix, optimize and
grow) in place, including a group-wide business transformation initiative, that is expected to deliver
incremental value in spite of the macroeconomic dynamics.
The full Moody’s rating report on Barloworld will be available online at
https://www.barloworld.com/investors/debt-instruments/
Further details are available on Moody’s website or their press release.
11 November 2019
Sandton
Equity Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Debt Sponsor: Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 11/11/2019 09:25:00
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