DENG83 DENG89 DENG85 DENG84 DENG86 DENG87 DENG88 DENG90 201903080041A
Credit rating announcement
DENEL SOC LIMITED
Registration number: 1992/001337/30
JSE Alpha Code: BIDEN
("Denel")
CREDIT RATING ANNOUNCEMENT
Noteholders are advised that Fitch Ratings ("Fitch") has downgraded Denel's national long-term
rating to 'B(zaf)' from 'AA-(zaf)' and Denel's national short-term rating to 'B(zaf)' from 'F1+(zaf)'.
It should be noted that Denel continues to benefit from Government's irrevocable and unconditional
guarantee of R3.4bn of Denel's registered R4bn domestic medium-term note programme.
The full rating announcement is available upon request.
08 March 2019
Debt Sponsor
Nedbank Corporate and Investment Banking
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