AIRPORTS COMPANY SOUTH AFRICA SOC LIMITED - Crediting Rating Announcement - BIACSA

Crediting Rating Announcement - BIACSA

Airports Company South Africa SOC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/004149/30)
(“ACSA”) or (“the Company”)


ACSA RATING ACTION BY MOODY’S INVESTOR SERVICES

In accordance with paragraph 4.24 of the JSE Debt Listings Requirements,
noteholders are hereby advised that on 31 March 2020, Moody’s Investors
Service downgraded Airports Company South Africa’s global scale long-
term issuer ratings from Baa3 to Ba1 and national scale long-term issuer
rating from Aa1.za to Aa2.za with negative outlook. The rating downgrade
of ACSA follows the downgrade of the ratings of the Government of South
Africa to Ba1 from Baa3 with a negative outlook on 27 March 2020.

Moody's also placed the company on review for downgrade. The review for
downgrade takes account of ACSA’s rising credit and liquidity risks due
to the sharp decline in traffic as a result of implementation of travel
restrictions over the upcoming weeks, but that there will be a gradual
recovery in passenger volumes starting by the third quarter 2020.

Further details on the rating action can be viewed on the following
link:

https://www.moodys.com/research/Moodys-downgrades-ACSAs-rating-to-Ba1-places-on-review-for--
PR_421059

Airports Company South Africa notes the decision by Moody’s to downgrade
its ratings.

Airports Company South Africa has assessed the financial implications
of the COVID-19 pandemic and continues to determine an appropriate
response to the pandemic in order to continue maintaining a prudent
financial profile.

The company will engage with key stakeholders including investors, rating
agencies and other financial institutions to provide the details of the
response to the COVID-19 financial impact. A conference call will be
held on Monday,6 April 2020 at 10am SA time. To take part in the
conference call please send your contact details to E-Mail:
Nonkanyiso.Nyilika@airports.co.za and Cell: +27 82 377 4737 no later than Friday 3
April 2020 by 12 noon SA time.

Johannesburg
01 April 2020
Debt Sponsor
The Standard Bank of South Africa Limited

Date: 01-04-2020 11:06:00
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