OLD MUTUAL LIFE ASSURANCE CO SA LIMITED - Credit rating announcement - OLDM

Credit rating announcement - OLDM

OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED
Registration number 1999/004643/06
JSE alpha code: OLDM
("OMLACSA” or the "Company")

CREDIT RATING ANNOUNCEMENT

On 29 April 2020, S&P Global Ratings (“S&PGR”) lowered its long-term foreign-currency sovereign credit rating on
the Republic of South Africa to ‘BB-’ from ‘BB’ and affirmed the ‘B’ short-term foreign-currency sovereign rating,
with a stable outlook. At the same time, the long-term local currency sovereign credit rating for South Africa was
lowered to ‘BB’ from ‘BB+’ and the ‘B’ short-term local currency was affirmed, with a stable outlook. In addition,
S&PGR maintained the long-term South Africa national scale rating at ‘zaAAA’ and affirmed the ‘zaA-1+’ short-term
national scale rating alongside a re-calibration of the national scale rating.

Following the above, on 04 May 2020 S&PGR subsequently lowered its global scale rating on OMLACSA to ‘BB’
from ‘BB+’.

Furthermore, S&PGR has affirmed the national scale credit ratings on OMLACSA and on the deferrable
subordinated notes issued by OMLACSA.

For commentary on detailed ratings please refer to the S&PGR's press release on their website: www.standardan
dpoors.com.


06 May 2020

Debt Sponsor: Nedbank Corporate and Investment Banking

Date: 06-05-2020 12:00:00
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