FIRSTRAND BANK LIMITED - Amendment to FirstRand Limited and FirstRand Bank Limited credit ratings
FRS86 FRS100 FRB14 FRX18 FRX20 FRS133 FRX19 FRB19 FRB05 FRBC21 FRX45 FRBZ01 FRBZ02 FRBZ03 FRX31 FRX30 FRS36 FRS37 FRS43 FRS109 FRS112 FRS120 FRS121 FRS123 FRS13 201711300067A
Amendment to FirstRand Limited and FirstRand Bank Limited credit ratings
FirstRand Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE ordinary share code: FSR
JSE ordinary share ISIN: ZAE000066304
JSE B preference share code: FSRP
JSE B preference share ISIN: ZAE000060141
NSX ordinary share code: FST
(FirstRand or the group)
FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
JSE company code interest rate issuer: FRII
JSE company code debt issuer: FRD
JSE company code ETF issuer: FRLE
(FRB or the bank)
AMENDMENT TO FIRSTRAND LIMITED AND FIRSTRAND BANK LIMITED CREDIT RATINGS
On 28 November 2017, Moody’s Investors Services (Moody’s) placed on review for downgrade the
Baa3 long-term local and foreign currency deposit ratings of five large banks in South Africa, including
FirstRand Bank Limited.
On 29 November 2017, S&P Global Ratings' (S&P) downgraded eight financial institutions in South
Africa, including FirstRand Limited and FirstRand Bank Limited.
These actions follow similar action taken on the South Africa sovereign rating. Both agencies do not
rate financial institutions in South Africa above the sovereign.
Summary of rating actions:
To From
FirstRand Bank Limited
Issuer credit rating BB/Stable/B BB+/Negative/B
National scale zaAA-/zaA-1+ zaAA/zaA-1+
Senior unsecured BB BB+
Subordinated B+ BB-
Subordinated zaA zaA+
Junior subordinated zaBBB+ zaA-
SACP bbb- bbb
FirstRand Limited
Issuer credit rating B+/Stable/B BB-/Negative/B
South Africa national scale zaBBB+/zaA-2 zaA-/zaA-2
S&P’s press release can be accessed on www.spglobal.com and the Moody’s release is available on
www.moodys.com.
30 November 2017
Sponsor and Debt Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 30/11/2017 04:54:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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