NEDBANK GROUP LIMITED - Credit ratings action by Standard and Poor's Investors Service
Credit ratings action by Standard and Poor's Investors Service
Nedbank Group Limited Nedbank Limited
(Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06 Registration No. 1951/000009/06
JSE share code: NED JSE alpha code: BINBK
NSX share code: NBK
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
(‘Nedbank Group’)
CREDIT RATINGS ACTION BY STANDARD AND POOR’S INVESTORS SERVICE
Shareholders and noteholders are referred to the Standard and Poor’s (S&P) press release on 13 March
2023 and ratings action on five South African banks, including the ratings of Nedbank Limited, the 100%-
owned subsidiary of Nedbank Group. S&P revised its outlook on the global scale ratings on Nedbank
Limited from positive to stable. At the same time, S&P affirmed their ‘BB-/B’ global ratings and
'zaAA/zaA-1+' SA national scale ratings on Nedbank Limited.
S&P noted: ‘On March 8, 2023, we revised the outlook on our long-term rating on South Africa to stable
from positive on weakening economic growth amid severe electricity cuts. We do not rate financial
institutions in South Africa above the foreign currency sovereign ratings, given the direct
and indirect impact that sovereign distress would have on domestic banks' operations. As a result, we
revised the outlooks on our global scale ratings on five financial institutions to stable from positive, while
affirming all global and national scale ratings on eight financial institutions’.
Sandton
14 March 2023
Sponsors to Nedbank Group in South Africa:
Merrill Lynch SA Proprietary Limited t/a BofA Securities
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Debt Sponsor to Nedbank Limited in South Africa:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 14-03-2023 08:00:00
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