FNNI - Notification of a Change to the Credit Rating of the Issuer
FNNI - Notification of a Change to the Credit Rating of the Issuer:
FNNI - Notification of a Change to the Credit Rating of the Issuer
First National Bank of Namibia Limited
(Incorporated in the Republic of Namibia)
(Registration number 2002/180)
Company code: FNNI
NSX Company code: FNNIN
(“FNB Namibia” or “the Issuer”)
NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER
Noteholders are advised that Moody's Investors Service ("Moody's") has, on 31 March 2020,
downgraded the long-term local currency deposit rating of FNB Namibia from Ba1 to Ba2 with the
outlook changing from negative to stable.
The downgrade is as a result of the increasingly challenging operating conditions in South Africa given
the negative implications these have for the credit profile of its South African parent company.
The full credit rating report has been made available at the below link
https://www.fnbnamibia.com.na/about-fnb/index.html.
2 April 2020
Debt Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
Think Precinct, 1 Merchant Place
Cnr Fredman Drive & Rivonia Road
Sandton 2196, South Africa
P O Box 786273, Sandton, 2146, South Africa
Sponsor
Cirrus Securities (Pty) Ltd
Member of the NSX
2nd Floor, Maerua Mall Office Tower
Jan Jonker Road
PO Box 27, Windhoek, Namibia
Date: 02-04-2020 12:00:00
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