FIRSTRAND LIMITED - Amendment to the credit ratings of FirstRand Bank Limited and FirstRand Limited
FSR FRC66 FRC69 FRC70 FRC74 FRS86 FRS87 FRS81 FRS90 FRC169 FRC115 FRC116 FRS51 FRS101 FRS103 FRS104 FRC71 FRS46 FRS85 FRS105 FRS109 FRS108 FRS100 FRB03 FRB05 201406190006A
Amendment to the credit ratings of FirstRand Bank Limited and FirstRand Limited
FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE Share code: FSR ISIN: ZAE000066304
NSX Ordinary Share Code: FST
(FSR)
FIRSTRAND BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1929/001225/06)
Company code: BIFR1
(FRB)
AMENDMENT TO THE CREDIT RATINGS OF FIRSTRAND BANK LIMITED AND
FIRSTRAND LIMITED
Noteholders are referred to the announcement issued by Standard and
Poor's (S&P) on 18 June 2014, in which the agency announced that
following the lowering of its foreign currency ratings on the
Republic of South Africa it had downgraded by one notch the long- and
short-term counterparty credit ratings of four large South African
banks, including FirstRand Bank Limited (FRB), to 'BBB-/A-3' from
'BBB/A-2', which remains investment grade.
It is standard practice for a holding company (in this case FirstRand
Limited or FSR) to be rated at least one notch lower than the
operating company (in this case FRB). Therefore, S&P also downgraded
FSR to 'BB+/B' from 'BBB-/A-3', however, it is important to note that
the FirstRand Group issues debt out of FRB, the credit counterparty.
No debt is issued at an FSR level.
Please refer to the S&P press release for any further information.
19 June 2014
Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 19/06/2014 09:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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