FIRST NATIONAL BANK OF NAMIBIA LIMITED - FNNI - Notification of a Change to the Credit Rating Agency and the New Credit Rating of the Issuer

FNNI - Notification of a Change to the Credit Rating Agency and the New Credit Rating of the Issuer

First National Bank of Namibia Limited
(Incorporated in the Republic of Namibia)
(Registration number 2002/180)
Company code: FNNI
NSX Company code: FNNIN
(“FNB Namibia” or “the Issuer”)


NOTIFICATION OF A CHANGE TO THE CREDIT RATING AGENCY AND THE NEW CREDIT RATING OF THE
ISSUER

Bondholders are advised that the Issuer has changed its rating agency from GCR Ratings (“GCR”) to
Moody’s Investor Service Inc (“Moody’s”), with effect from 13 December 2019.

The reason for the change is due to Moody’s rating the Republic of Namibia which allows for alignment
to Sovereign ratings. Furthermore, Moody’s also provides ratings to the entities within the FirstRand
Limited Group in South Africa, the Issuer’s ultimate parent company.

In addition, bondholders are advised that Moody’s has assigned the Issuer with a Ba1/Not Prime long-
term and short-term local currency deposit ratings, with the outlook accorded as negative, and a
Ba3/Not Prime long-term and short-term foreign currency deposit ratings, with the outlook accorded
as stable. Moody’s has also assigned counterparty risk assessments of Baa3(cr)/P-3(cr) and
counterparty risk ratings of Baa3/P-3 to the Issuer.

The full rating report by Moody’s has been made available at the below link:
https://www.fnbnamibia.com.na/about-fnb/index.html




13 December 2019

Debt Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
Think Precinct, 1 Merchant Place
Cnr Fredman Drive & Rivonia Road
Sandton 2196, South Africa
P O Box 786273, Sandton, 2146, South Africa


Sponsor
Cirrus Securities (Pty) Ltd
Member of the NSX
2nd Floor, Maerua Mall Office Tower
Jan Jonker Road
PO Box 27, Windhoek, Namibia

Date: 13-12-2019 03:00:00
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.