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Credit Rating Amendment Notification - IN02
Industrial Development Corporation of South Africa Limited
Incorporated in the Republic of South Africa) (“IDC”)
Registration No. 1940/014201/06)
Issuer code: IN02
03 April 2020
CREDIT RATING AMENDMENT NOTIFICATION
Noteholders are hereby advised of the credit rating amendment as per section 7.46 of the JSE
Debt Listings Requirements.
On the 31st March 2020, Moody’s Investors Service, ("Moody's") downgraded the long-term
foreign currency ratings of the IDC to Ba1 from Baa3 and maintains a negative outlook. The
rating agency has downgraded IDC’s Baseline Credit Assessment (BCA) to ba3 from ba2. The
national scale rating has been affirmed.
Rating Rationale
The rating action reflects the weakening capacity of the South African government to support the
development banks in case of need, as captured by the recent downgrade of South Africa's
government bond rating to Ba1 from Baa3. The key driver behind the rating downgrade is the
continuing deterioration in fiscal strength and structurally very weak growth, which Moody's does
not expect current policy settings to address effectively.
The IDC notes the downgrade announcement and continues to deliver on its mandate with sound
governance and prudent credit policies.
Johannesburg
Debt Sponsor
The Standard Bank of South Africa Limited (Debt Sponsor)
Kea Sape
Tel: 011 344 7654
Email: kea.sape@standardbank.co.za
Date: 03-04-2020 05:17:00
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