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Credit Rating review by Standard & Poor's
SANLAM LIFE INSURANCE LIMITED
(“Sanlam Life”)
Registration number 1998/021121/06
Bond Code: SLI3
ISIN No: ZAG000107905
Bond Code: SLI4
ISIN No: ZAG000138629
CREDIT RATING ACTION BY STANDARD & POOR’S
Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that S&P Global Ratings
(S&P) has reviewed its national scale ratings on South African insurers which were labeled as under criteria
observation (UCO) on 2 July 2018 (after recalibrating the national scale mapping table for South Africa),
removing the UCO identifier on the ratings.
Accordingly, Sanlam Life’s National Scale Rating has been revised from ‘zaAA+ to zaAAA’ and the ratings of
the SLI3 and SLI4 subordinated deferrable debt issued by Sanlam Life from ‘zaA’ to ‘zaAA-’.
The rating actions do not reflect any change in S&P’s view of the fundamental credit quality of the issuers or
issues and the global scale issuer and issue credit ratings on insurers were not affected by the rating actions.
Further details regarding the rating action is available on S&P’s website or in its press release entitled “South
Africa National Scale Ratings On Sanlam Revised After Criteria Update; Removed From UCO”.
Cape Town
02 July 2018
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 03/07/2018 10:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
