CONDUIT CAPITAL LIMITED - Credit Rating Announcement

Credit Rating Announcement

CONDUIT CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share code: CND  ISIN: ZAE000073128
(“Conduit Capital” or “the Issuer”)


CREDIT RATING ANNOUNCEMENT


The board of directors of Conduit Capital hereby advises that the rating agency, Global Credit Rating Co.
(“GCR”), has downgraded Conduit Capital’s long-term national scale Issuer rating to BBB-(ZA), from BBB(ZA),
while the short-term national scale Issuer rating has been affirmed at A3(ZA), with both ratings placed on Rating
Watch Negative.

Additionally, GCR has revised the long-term international scale Issuer rating to B (on Criteria change), from
B+, with a Stable Outlook.

However, GCR has affirmed Constantia Insurance Company Limited’s (“Constantia”) national scale financial
strength (formerly claims paying ability) rating of A-(ZA), and placed the rating on Rating Watch Negative.

GCR announced that it had released new criteria for rating insurance companies in May 2019. Consequently,
the ratings for Conduit Capital and Constantia were placed “Under Criteria Observation”. GCR has finalised
the review under the Criteria for Rating Insurance Companies, May 2019. As a result, the ratings have been
revised in line with the new methodology, and subsequently removed from ‘Under Criteria Observation’.

The GCR press release is available online at https://gcrratings.com/announcements/gcr-affirms-constantia-
insurance-at-a-za-downgrades-conduit-to-bbb-za-and-places-ratings-on-rating-watch-negative/.


Johannesburg
4 October 2019

Sponsor
Merchantec Capital

Date: 04/10/2019 05:00:00
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