FIRSTRAND BANK LIMITED - FRII FRD FRLE FSR FSRP FST - Amendment to credit ratings of FirstRand Bank Limited and FirstRand Limited

FRII FRD FRLE FSR FSRP FST - Amendment to credit ratings of FirstRand Bank Limited and FirstRand Limited

FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
JSE company code interest rate issuer: FRII
JSE company code debt issuer: FRD
JSE company code ETF issuer: FRLE
LEI: ZAYQDKTCATIXF9OQY690
(FRB or FirstRand Bank)

FirstRand Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE ordinary share code: FSR
JSE ordinary share ISIN: ZAE000066304
JSE B preference share code: FSRP
JSE B preference share ISIN: ZAE000060141
NSX ordinary share code: FST
LEI:529900XYOP8CUZU7R671
(FirstRand)

AMENDMENT TO CREDIT RATINGS OF FIRSTRAND BANK LIMITED AND FIRSTRAND LIMITED
On 7 May 2020, S&P Global Ratings (S&P) lowered the long-term issuer credit ratings on FirstRand Bank
Limited and FirstRand Limited. This follows the downgrade of the South African sovereign rating to BB- from
BB, which was driven by the significant adverse impact of COVID-19 on fiscal and growth prospects. S&P
does not rate financial institutions in South Africa above the foreign currency sovereign ratings given the direct
and indirect impact that sovereign distress would have on domestic banks' operations. The outlook is stable.
Summary of rating actions on FirstRand Bank Limited and FirstRand Limited:

                                                                             To                 From

 FirstRand Bank:

 Long-term issuer credit rating                                              BB-                 BB

 Short-term issuer credit rating                                             B                   B

 South Africa national scale rating long-term                                zaAA                zaAA

 South Africa national scale rating short-term                               zaA-1+              zaA-1+

 Standalone credit profile (SACP)                                            bbb-                bbb-

 Subordinated                                                                B                   B+

 Subordinated                                                                zaA                 zaA+

 Junior subordinated                                                         zaBBB+              zaA-



 FirstRand:

 Long-term issuer credit rating                                              B                   B+

 Short-term issuer credit rating                                             B                   B

 South Africa national scale rating long-term                                zaA-                zaA-

 South Africa national scale rating short-term                               zaA-2               zaA-2


The S&P press release can be accessed on
https://www.standardandpoors.com/en_US/web/guest/ratings/press-releases
and includes a detailed list of all rating changes related to FRB and FirstRand.


Sandton
8 May 2020

Debt sponsor:
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 08-05-2020 12:45:00
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