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IN02 - Credit Rating Amendment
Industrial Development Corporation of South Africa Limited
Incorporated in the Republic of South Africa) (“IDC”)
Registration No. 1940/014201/06)
Issuer code: IN02
CREDIT RATING AFFIRMATION AND ISSUER OUTLOOK UPGRADE
Noteholders are hereby advised of the credit rating affirmation as per Section 6.8 of the JSE Debt Listing
Requirements.
On the 5th of April 2022, Moody’s Investors Service (“Moody’s”) affirmed the Ba3 corporate family rating
and issuer rating of the Industrial Development Corporation of South Africa (“IDC”) and upgraded its issuer
outlook from negative to stable. The action follows a decision by Moody’s on 1 April 2022 to affirm the Ba2
rating for the Government of South Africa and change the outlook on the sovereign rating to stable from
negative.
RATIONALE FOR RATING AFFIRMATION AND STABLE OUTLOOK
Moody's decision to affirm the IDC's ratings reflects the rating agency's assumption of a "strong" probability
of support given the full government ownership and development mandate of the IDC. As a result of the
said support, the IDC continues to benefit from one notch of rating uplift from its b1 standalone credit profiles
which, in turn, reflects the IDC’s solid capital buffers that mitigate high asset risks that emanate from its
developmental mandate.
The outlook of IDC was changed to Stable from Negative, mainly driven by the change in the sovereign
rating outlook to stable, which partly captures the improvements in the country's fiscal outlook. This should
sustain the government capacity to support IDC’s development mandate, in case of need. The stable
outlook further recognises that a more stable local operating environment will help ease funding conditions
and defuse asset quality pressures for IDC, while its strong capital buffers will continue to provide important
shock absorption capacity.
Johannesburg
06 April 2022
Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 06-04-2022 12:17:00
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