SABSA HOLDINGS LIMITED - BEER02 - Rating Action: Standard & Poors affirms and withdraws rating for SABSA and SABMiller Limited
BEER02 201703130027A
BEER02 - Rating Action: Standard & Poor’s affirms and withdraws rating for SABSA and SABMiller Limited
SABSA HOLDINGS LIMITED
(Incorporated with limited liability in South Africa under registration number 1998/005173/06)
(“SABSA” or “Issuer”)
JSE Code: BEER02
ISIN No: ZAG000104415
Rating Action: Standard & Poor’s affirms and withdraws rating for SABSA and SABMiller Limited
(formerly known as SABMiller Plc) (“SABMiller”)
On 6 March 2017, Standard and Poor’s (“S&P”):
(i) affirmed SABMiller Limited’s – and its related entities (including SABSA) and their debt –
long-term rating as A- and short-term rating as A-2, while adjusting the outlook from
stable to negative; and
(ii) subsequently withdrew the rating.
S&P has also affirmed the domestic medium term note (“DMTN”) National Long-Term Rating (“NSR”)
for SABSA as zaAAA and has subsequently withdrawn the rating. S&P’s actions follow Moody’s
Rating Services’ (“Moody’s”) affirmation and withdrawal of SABMiller’s long term rating of A3 and
SABSA’s NSR of Aaa.za on 7 February 2017.
S&P attributed the rating action to the acquisition of SABMiller by Anheuser-Busch InBev SA/NV in
October 2016.
In light of the ratings withdrawals, the Issuer is considering options including but not limited to early
redemption, amendment to the terms or winding up of the DMTN Programme, with regards to the
outstanding BEER02 Notes issued under SABSA’s DMTN Programme.
Johannesburg
13 March 2017
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)
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