GRINDROD BANK LIMITED - Credit rating action by GCR Ratings - GNDI
GBL04 GBL03 201908160034A
Credit rating action by GCR Ratings - GNDI
GRINDROD BANK LIMITED
(Registration no 1994/007994/06)
Incorporated in the Republic of South Africa
JSE alpha code: GNDI
("Grindrod Bank")
Credit rating action by GCR Ratings
Debt holders are advised that GCR Ratings ("GCR") has on 13 August 2019 reviewed the ratings on
seven South African banks under its recently released new "Criteria for Rating Financial Institutions".
As a result of this review, the ratings of these banks have been removed from ‘Under Criteria
Observation' and revised in line with the new methodology. It should be noted that the rating
actions reflect a change in the mapping methodology and do not reflect any change in the
fundamental credit quality of the bank.
Summary of rating actions on Grindrod Bank:
To From
Long and short-term South African national scale ratings BBB+/A2 BBB+/A2
Long-term international scale ratings B+ BB-
Rating Outlook Stable
GCR's press release can be accessed on: www.gcrratings.com.
Shana Ashokumar
Company Secretary
Grindrod Bank Limited
16 August 2019
Debt sponsor:
Nedbank Corporate and Investment Bank
Date: 16/08/2019 10:40:00
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