IDC-Credit Rating Amendment
Industrial Development Corporation of South Africa Limited
Incorporated in the Republic of South Africa) (“IDC”)
Registration No. 1940/014201/06)
Issuer code: IN02
23 August 2021
CREDIT RATING AMENDMENT NOTIFICATION
Pursuant to paragraph 6.8 of the Debt Listing Requirements of the JSE Limited, issuers of listed debt in South
Africa are required to notify the market in the event of amendments to the credit rating of the issuer. Accordingly,
you are hereby referred to the Global Credit Rating Agency announcement on the 23rd August 2021.
The rating agency has revised the rating from Negative to Stable based on the resilient financial profile of the
Corporation on the back of the strong capitalisation levels and market normalisation after the strain experienced
in 2020.
Detailed information regarding the credit rating may be viewed or downloaded on the following link:
https://gcrratings.com/announcements/gcr-affirms-aaza-a1za-ratings-on-industrial-development-
corporation-of-south-africa-outlook-revised-to-stable/
23 August 2021
Johannesburg
Debt Sponsor
The Standard Bank of South Africa Limited (Debt Sponsor)
Kea Sape
Tel: 011 721 5594
Email: kea.sape@standardbank.co.za
Date: 23-08-2021 03:38:00
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