CITY OF EKURHULENI METROPOLITAN MUNICIPALITY - CREDIT RATING ANNOUNCEMENT - BIEM

CREDIT RATING ANNOUNCEMENT  - BIEM

CITY OF EKURHULENI METROPOLITAN MUNICIPALITY
JSE alpha code: BIEM
(“City of Ekurhuleni” or the “Company”)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Moody’s Investors Service (“Moody’s”) has taken the following rating action on
City of Ekurhuleni's credit ratings:

    -   Downgraded the Long-Term Issuer Rating to ‘B2’ from ‘B1’;

    -   Downgraded the Long-Term National Scale Rating (“NSR”) to ‘Baa3.za’ from ‘A3.za’ and t he
        ShortTerm NSR to ‘P-3.za’ from ‘P-2.za’; and

    -   Downgraded the NSR Senior Unsecured Medium Term Note Program to ‘Baa3.za’ from
        ‘A3.za’

The full rating report is available on Moody’s website at moodys.com/research/Moodys-downgrades-
6-South-African-sub-sovereign-issuers-ratings-placed--PR_450813


Ekurhuleni

20 July 2021

Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited

Date: 20-07-2021 03:56:00
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