NORTHAM PLATINUM LIMITED - Upgrade to Northams long term and short term credit rating, with a stable outlook

Upgrade to Northam’s long term and short term credit rating, with a stable outlook

NORTHAM PLATINUM LIMITED
Incorporated in the Republic of South Africa
(Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE000030912
Debt issuer code: NHMI
Bond code: NHM002       Bond ISIN: ZAG000129024
Bond code: NHM006       Bond ISIN: ZAG000158577
Bond code: NHM007       Bond ISIN: ZAG000158593
Bond code: NHM009       Bond ISIN: ZAG000158866
Bond code: NHM011       Bond ISIN: ZAG000159237
Bond code: NHM012       Bond ISIN: ZAG000160136
Bond code: NHM014       Bond ISIN: ZAG000163650
Bond code: NHM015       Bond ISIN: ZAG000164922
Bond code: NHM016       Bond ISIN: ZAG000167750
Bond code: NHM017 Bond ISIN: ZAG000167891
Bond code: NHM018 Bond ISIN: ZAG000168097
Bond code: NHM019 Bond ISIN: ZAG000168105
(“Northam” or the “group”)

UPGRADE TO NORTHAM’S LONG TERM AND SHORT TERM CREDIT RATING, WITH A STABLE OUTLOOK                            

Northam is pleased to advise shareholders and noteholders that the credit rating agency, Global Credit
Rating Co. (“GCR”), has upgraded Northam’s national scale long term credit rating to A(ZA) (from the
previous rating of A-(ZA)) and short term credit rating to A1(ZA) (from the previous rating of A2(ZA)), with a
stable outlook.

The upgrade primarily reflects Northam’s strengthened earnings profile and expectations of continued
robust free cash flows and financial metrics on the back of favourable commodity prices. Other factors
sighted by GCR include, inter alia, the surge in Northam’s profitability over recent years enhanced by rising
production volumes, the positive manner in which Northam managed and recovered from the impact of
COVID-19, the group’s globally competitive cost position and Northam’s track record of maintaining
conservative financial policies. GCR continues to view Northam’s liquidity as strong.

The stable outlook reflects GCR’s view that the group will pursue a conservative financial profile and will
continue to benefit from its ongoing production ramp up against supportive pricing levels, which should
translate into robust margins and cash flows to sustain strong credit metrics over the next 12 to 18 months.

GCR’s announcement in regard to Northam’s credit rating is available from GCR’s website at
https://gcrratings.com/announcements/gcr-upgrades-northams-issuer-ratings-to-aza-a1za-on-
strengthening-earnings-and-conservative-financial-profile-outlook-stable/.


Johannesburg
8 October 2020


Corporate Advisor, Sponsor and Debt Sponsor
One Capital

Date: 08-10-2020 05:00:00
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