| Wed 20 Dec 2017, 11:30 | | JSE LIMITED - GEN -General - Basil Read Limited - GCR affirms rating at BB-(ZA) negative outlook and withdraws ratings |
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JSER 201712200022A
GEN -General - Basil Read Limited - GCR affirms rating at BB-(ZA), negative outlook and withdraws ratings
Basil Read Limited
(Incorporated in the Republic of South Africa)
Registration Number 1962/002313/06
JSE Code: BSR17
ISIN No: ZAR000127333
("Basil Read" or "the Company")
GCR affirms rating at BB-(ZA), negative outlook and withdraws ratings
On 20 December 2017, the Global Credit Ratings Co. (“GCR”) affirmed the
national scale Issuer ratings assigned to Basil Read Holdings Limited at
BB-(ZA) and B(ZA) in the long term and short term respectively, with the
outlook accorded as negative. This rating is in line with previously
reported on 13 September 2017.
The credit ratings accorded to Basil Read Holdings limited were based on,
inter alia, information contained in (i) Basil Read’s unaudited results for
the six months ended 30 June 2017 released on SENS on 28 August 2017, (ii)
the Company’s cautionary announcements dated 28 August 2017, 2 October
2017, 2 November 2017 and 4 December 2017, and (iii) the announcement
released on SENS on 5 December 2017 relating to the execution by the
Company of a debt standstill agreement with its major unsecured creditors.
The Company has decided to terminate its contract with GCR due to the
delisting and privatisation of its corporate bond and to reduce overhead
costs. Consequently, GCR has withdrawn all of the ratings.
Johannesburg
20 December 2017
Debt Sponsor
Nedbank Corporate and Investment Banking
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