Rating action: GCR upgrades Grindrod Bank Limited’s National Scale Rating to A- (ZA), outlook stable GRINDROD BANK LIMITED (Registration no 1994/007994/06) Incorporated in the Republic of South Africa JSE alpha code: GNDI RATING ACTION: GCR UPGRADES GRINDROD BANK LIMITED’S NATIONAL SCALE RATING TO A- (ZA), OUTLOOK STABLE Bondholders are advised that GCR Ratings (“GCR”) has on 9 October 2019 upgraded the national scale long term issuer rating assigned to Grindrod Bank Limited to A-(ZA) from BBB+(ZA), affirmed the national scale short term issuer rating at A2(ZA), and affirmed the international scale long term issuer rating at B+, with outlooks accorded as Stable. For further information please refer to: https://gcrratings.com/announcements/gcr-upgrades- grindrod-bank-limiteds-national-scale-rating-to-a-za-outlook-stable/ 10 October 2019 Debt Sponsor: Nedbank Corporate and Investment Banking Date: 10/10/2019 03:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 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.
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