DEVELOPMENT BANK OF SOUTHERN AFRICA - Rating Action
DV24 DV2021 DV23 DV22 DV29 DVC027 DVC028 DVC25 DVC26 DVF19 DVF20 DVF21 DVF18 DVF22 DVF20B 201704120038A
Rating Action
DEVELOPMENT BANK OF SOUTHERN AFRICA LIMITED
Instrument Code: BIDBS
Rating Action by S&P Global Ratings
On the 3 April 2017, S&P Global Ratings (“S&P” or “the agency”) lowered
South Africa’s foreign currency sovereign ratings from ‘BBB-/A-3’ to
‘BB+/B’ and its local currency sovereign rate from ‘BBB/A-2 to BBB-/A-
3’.
In accordance with 4.26 of the JSE Debt Listings Requirements,
noteholders are advised that S&P has accordingly revised the
Development Bank of Southern Africa Limited’s (“DBSA” or “the issuer”)
foreign currency credit ratings has been lowered to ‘BB+/B’ from ‘BBB-
/A-3’ and its local currency issuer credit ratings to ‘BBB-/A-3’ from
BBB/A-2. The outlook remains negative.
The agency has equalized DBSA’s with those of South Africa which is
consistent criteria for government-related entities as well as the
integral link with the South African government through 100%
ownership.
S&P also notes DBSA’s efforts in increasing support to municipalities
and public-sector projects by way of technical assistance grants,
capacity building initiatives as well as overall support of projects
from initiation to execution of the project.
Furthermore, the agency continues to assess DBSA’s stand-alone profile
of ‘bb’ which was affirmed on 26 October 2016.
A potential future rating upgrade of the issuer would be largely
influenced by an upgrade of the sovereign rating as would be the case
in the event of a further sovereign rating downgrade.
Further information regarding the rating downgrade may be viewed
though the following links:
www.standardandpoors.com/ratingsdirect or
www.dbsa.org
Dated: 12 April 2017
For further information on the notes issued please contact:
Kea Sape (011) 344 7654
Debt Sponsor: The Standard Bank of South Africa Limited
Date: 12/04/2017 05:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
