CAPITEC BANK HOLDINGS LIMITED - Capitec Bank (A Wholly Owned Subsidiary Of Capitec: Issuer Credit Ratings Raised And Positive Outlook Affirmed

Capitec Bank (A Wholly Owned Subsidiary Of Capitec: 
Issuer Credit Ratings Raised And Positive Outlook Affirmed

Capitec Bank Holdings Limited
Registration number 1999/025903/06
Incorporated in the Republic of South Africa
Registered bank controlling company
JSE ordinary share code: CPI ISIN code: ZAE000035861
JSE preference share code: CPIP ISIN code: ZAE000083838
("Capitec")

Capitec Bank Limited
Registration number 1980/003695/06
Incorporated in the Republic of South Africa
Registered bank
Company code: BICAP
("Capitec Bank" or "the Bank")

CAPITEC BANK (A WHOLLY OWNED SUBSIDIARY OF CAPITEC:
ISSUER CREDIT RATINGS RAISED AND POSITIVE OUTLOOK AFFIRMED

On 14 November 2025 S&P Global Ratings ("S&P") raised their
foreign currency and local currency long-term ratings on South
Africa to "BB" and "BB+" from "BB-" and "BB", respectively and
affirmed the positive outlook for the country.

At the same time, S&P raised their long-term global scale
ratings for Capitec Bank to "BB" from "BB-" and affirmed their
"B" short-term global scale rating. The rating agency also
raised their long-term South Africa national scale rating for
Capitec Bank to "zaAAA" from "zzAA" and affirmed their
"zaA-1+" short-term national scale rating for the Bank. S&P
affirmed their positive outlook for Capitec Bank.

S&P advised that their rating action on South Africa was based
on the improvement in South Africa's growth and fiscal
trajectory, their forecast of slightly higher GDP growth of
1.5% on average over 2026 to 2028, expected good credit growth
through 2026, credit losses having moved closer to normalised
levels and expected healthy performance by South African
banks.

Capitec Bank's credit ratings are limited by the sovereign
rating as S&P does not rate South African financial
institutions above the country's foreign currency sovereign
rating. This is due to the direct and indirect impact that
sovereign distress could have on domestic banks' operations.

S&P advised that Capitec Bank's ratings could move in tandem
with the sovereign's ratings if action is taken on the
sovereign in the next 12 months.

18 November 2025
Stellenbosch

Capitec Equity Sponsor: PSG Capital Proprietary Limited
Capitec Bank Debt Sponsor: PSG Capital Proprietary Limited

Date: 18-11-2025 12:35:00
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