PEPKOR HOLDINGS LIMITED - Moodys Upgrades Pepkors Credit Ratings

Moody’s Upgrades Pepkor’s Credit Ratings

PEPKOR HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/221869/06)
Share Code: PPH
Debt Code: PPHI
ISIN: ZAE000259479
(“Pepkor”, “”the Group” or “the Company”)

MOODY’S UPGRADES PEPKOR’S CREDIT RATINGS

Shareholders and noteholders are advised that the rating agency Moody's Investors Service
(“Moody's”) has on 14 April 2022, upgraded Pepkor’s Corporate Family Rating to Ba2 from Ba3.
In addition, Moody’s has upgraded Pepkor’s Probability of Default Rating to Ba2-PD from Ba3-PD and
National Scale Long Term Rating by four levels to Aa1.za from A2.za and revised the outlook on
the credit ratings to stable from negative.

Moody’s stated in the press release that “The upgrade reflects Pepkor's strong operating
performance since the beginning of the pandemic, which is illustrated by good credit metrics. The
upgrade is also supported by governance considerations because the Company has
demonstrated a good track record of adhering to conservative financial policies as well as
operating with an independent board of directors since the assignment of Pepkor’s first-time Ba3
rating in January 2020.”

Leon Lourens, Pepkor’s chief executive officer commented, “We are very pleased with this
development which underscores the Group’s unparalleled resilience in the South African market
through economic cycles and crises.”

Parow
19 April 2022

Equity Sponsor
PSG Capital

Debt Sponsor and Corporate Broker
Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 19-04-2022 12:00:00
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