SANTAM LIMITED - Notification of a Change to the Credit Rating of the Issuer - BISAN
SNT03 SNT04 SNT02 201711300062A
Notification of a Change to the Credit Rating of the Issuer - BISAN
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
Company code: BISAN
(“Santam” or “the Issuer”)
NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER
Bondholders are advised that following Standard & Poor’s Global Ratings (“S&P”) downgrade of the
sovereign, S&P has lowered the Issuer’s ratings on 30 November 2017 as follows:
Rating To Rating From
Counterparty Credit Rating
Local Currency BB+/Stable BBB-/Negative
South Africa National Scale zaAA+ zaAAA
Financial Strength Rating
Local Currency BB+/Stable BBB-/Negative
Subordinated Deferrable Debt zaA zaAA
The rationale for the rating is reflective of the downgrade of the sovereign. S&P continues to rate the
Issuer above the “BB” foreign currency sovereign ratings on South Africa, which is based on its higher
stand-alone credit profile, supported by a credible and executable risk mitigation plan.
30 November 2017
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 30/11/2017 04:27:00 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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
