CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY - Credit rating announcement

Credit rating announcement

CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY
(a municipality as described in section 2 of the Local Government Municipal Systems Act, 2000, duly
established in terms of Notice No. 6766, promulgated in the Provincial Gazette Extraordinary of
1 October 2000 in terms of section 12(1) read with section 14(2) of the Local Government: Municipal
Structures Act, 1998, as amended)
Issuer Bond Code: BIJHB
(the "City")

CREDIT RATING ANNOUNCEMENT

Bondholders are hereby advised that the credit rating agency, Global Credit Rating Company Limited
("GCR"), has placed the City's national scale long-term and short-term issuer rating of A(za) and A1(za)
on Rating Watch Negative, having revised the rating outlook from Stable.

GCR has indicated that the Rating Watch Negative on the City is due to material uncertainty in the audit
process, as highlighted by the continued delay in finalising the annual financial statements for the year
ended 30 June 2025 ("Annual Financial Statements"), which are expected to be released by no later
than 31 May 2026.

GCR further stated that it continues to engage with the City and will update the rating once the
Annual Financial Statements are finalised and the impact of the disputes on ongoing financial
performance can be assessed.

The GCR announcement in regard to the City's credit rating is available from the GCR website at:

https://gcrratings.com/announcements/gcr-places-the-city-of-johannesburg-metropolitan-
municipalitys-ratings-on-rating-watch-negative-due-to-its-failure-to-finalise-its-audited-financial-
statements/

Johannesburg
10 April 2026

Debt Sponsor
One Capital

Date: 10-04-2026 08:50:00
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