Credit rating announcement
Development Bank of Southern Africa Limited
Registration number: 1600157FN
JSE alpha code: DIDBS
(“DBSA”)
CREDIT RATING ANNOUNCEMENT
Noteholders are advised that Moody’s Investors Service (“Moody’s”) on 24 November 2020
downgraded the Corporate Family Rating (“CFR”) and long-term foreign currency issuer rating of DBSA
to ‘Ba3’ from ‘Ba2’. At the same time, Moody’s has downgraded DBSA’s Baseline Credit Assessment
(“BCA”) to ‘b1’ from ‘ba3’. The long-term national scale rating (“NSR”) of ‘Aa3.za’ has been affirmed
and the outlook remains negative.
The rating action follows Moody's downgrade of the Government of South Africa rating to ‘Ba2’ from
‘Ba1’, with a negative outlook on 20 November 2020.
The ratings summary is shown in the table below:
Category Moody’s Rating
Development Bank of Southern Africa
Outlook Negative
Corporate Family Rating Ba3
Issuer Rating Ba3
NSR Issuer Rating Aa3.za
ST Issuer Rating NP
NSR ST Issuer Rating P-1.za
26 November 2020
Debt Sponsor
Nedbank Corporate and Investment Banking
1
Date: 26-11-2020 04:39:00
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