NQABA FINANCE 1 (RF) LIMITED - Moody's Rating Action - Nqaba

Moody's Rating Action - Nqaba

NQABA FINANCE 1 (RF) LIMITED
Registration Number 2005/040050/07
(JSE Bond code: NQA)
(“NQABA")

Moody’s Rating Action

Moody’s Investor Service (Moody’s) has announced a rating action on the Nqaba Finance 1 (RF)
Limited notes. The rating action follows the weakening of the South African government's credit
profile, as noted by Moody's downgrade of the sovereign rating to Ba2 from Ba1 on 20 November
2020

The Global Scale ratings (“GSR”) of all the notes were downgraded. The A class notes from Ba1(sf) to
Ba2(sf), B and C class notes from Ba2(sf) to Ba3(sf) and the D class note from Ba3(sf) to B1(s f). The
key rationale for downgrading the Global scale rating of these notes is due to the lowering of the South
Africa's local-currency country ceiling to Baa1 from A3.

The National Scale ratings (“NSR”) of the A, B and C class noted were affirmed and the D class not e
was downgraded from A2.za(sf) to A3.za(sf). The recalibration of the NSR map is the key rationale for
these National scale ratings actions.

Note holders are referred to Moody’s press release (Rating Action: Moody's takes rating actions on
South African RMBS and ABS, following downgrade of South Africa's sovereign ratings ) for any
further information, available at www.moodys.com.

Summary of Changes


        Notes               Global Scale ratings (“GSR”)      National Scale rating (“NSR”)

        NQ1A10 -            Ba2 (sf)                          Aaa.za (sf)
        ZAG000077686        (Previous Rating - Ba1 (sf))

        NQ1A24 -            Ba2 (sf)                          Aaa.za (sf)
        ZAG000143991        (Previous Rating - Ba1 (sf))

        NQ1A25 -            Ba2 (sf)                          Aaa.za (sf)
        ZAG000144007        (Previous Rating - Ba1 (sf))

        NQ1A27 -            Ba2 (sf)                          Aaa.za (sf)
        ZAG000151531        (Previous Rating - Ba1 (sf))

        NQ1A28 -            Ba2 (sf)                          Aaa.za (sf)
        ZAG000159583        (Previous Rating - Ba1 (sf))

        NQ1B10 -            Ba3 (sf)                          Aa3.za (sf)
        ZAG000077702        (Previous Rating – Ba2 (sf))

        NQ1B17 -            Ba3 (sf)                          Aa3.za (sf)
        ZAG000126467        (Previous Rating – Ba2 (sf))

        NQ1B20 -            Ba3 (sf)                          Aa3.za (sf)
        ZAG000151549        (Previous Rating – Ba2 (sf))

        NQ1B21 -            Ba3 (sf)                          Aa3.za (sf)
        ZAG000159591        (Previous Rating – Ba2 (sf))

        NQ1C10 -            Ba3 (sf)                          A1.za (sf)
        ZAG000077694        (Previous Rating – Ba2 (sf))

        NQ1C17 -            Ba3 (sf)                        A1.za (sf)
        ZAG000126459        (Previous Rating – Ba2 (sf))

        NQF1D5 -            B1 (sf)                         A3.za (sf)
        ZAG000077678        (Previous Rating – Ba3 (sf))    (Previous Rating - A2.za (sf))


For further information, please contact:
Eskom Finance Company SOC Ltd
Megawatt Park
Maxwell Drive
Sunninghill
2157
Ettienne Bester
Tel +27 11 800 5405
Email: besteret@eskom.co.za

Johannesburg
01 December 2020

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)

Date: 01-12-2020 07:30:00
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