GRT/BIGRO - Growthpoint Properties Limited - Announcement of credit ratings
JSE GRT
BIGRO GRT
GRT/BIGRO - Growthpoint Properties Limited - Announcement of credit ratings
change by Moody`s Investor Services
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
Registration number 1987/004988/06
JSE share code:GRT
ISIN: ZAE000037669
("Growthpoint")
ANNOUNCEMENT OF CREDIT RATINGS CHANGE BY MOODY`S INVESTOR SERVICES ("Moody`s")
We refer to the Moody`s announcement released 17 June 2011. Growthpoint wishes
to confirm that Moody`s lowered the global and national scale long-term and
short-term Issuer and senior unsecured ratings on Friday, 17 June 2011.
Previous ratings:
Global scale - Baa2 long-term / P-2 short-term
National scale - A1.za long-term / P1.za short-term
Outlook - Rating Under Review ("RUR")
Current ratings:
Global scale - Baa3 long-term / P-3 short-term
National scale - A2.za long-term / P2.za short-term
Outlook - Stable
Moody`s commented that the downgrade is primarily driven by weakened credit
metrics following the debt-financed acquisition of the Victoria & Alfred
Waterfront properties and highlighted that the broader business model,
management team and property portfolio remain robust. Growthpoint`s liquidity
profile also continues to be well managed. This announcement concludes the
Moody`s rating review process that was initiated on 15 February 2011.
Sandton
20 June 2011
Debt Sponsor
Absa Capital (the investment banking division of Absa Bank Limited, affiliated
with Barclays Capital)
Date: 20/06/2011 12:05:01 Produced by the JSE SENS Department.
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