Enhanced Investments - Financial Portal

FRII FRD FRLE FRTN - Amendment to FirstRand Bank Limited Credit Ratings

Published: 2024-03-07 17:15:56 ET

FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
JSE company code interest rate issuer: FRII
JSE company code debt issuer: FRD
JSE company code ETF issuer: FRLE
JSE company code ETN issuer: FRTN
LEI: ZAYQDKTCATIXF9OQY690
(FRB or the bank)

AMENDMENT TO FIRSTRAND BANK LIMITED CREDIT RATINGS

On 6 March 2024, Moody’s Investors Service (Moody’s) upgraded FirstRand Bank Limited’s long-term
deposit rating by two notches to Baa3 from Ba2. The rating action was due to the application of Moody's
Advanced Loss Given Failure (Advanced LGF) analysis to South African banks following the publication
of Moody's updated Banks Methodology on 5 March 2024.

Summary of rating actions on FirstRand Bank Limited:

                                                                        To                From
 Long-term bank deposit rating                                         Baa3                Ba2
 Short-term bank deposit rating                                         P-3                NP
 Senior unsecured debt rating                                          Ba1                 Ba2
 Subordinated                                                          Ba3                  B1
 Long-term counterparty risk rating                                    Baa3                Ba1
 Short-term counterparty risk rating                                    P-3                NP
 Long-term bank deposit rating – national scale                       Aaa.za              Aa1.za
 Senior unsecured debt rating – national scale                        Aaa.za              Aa1.za
 Subordinated – national scale                                        A1.za               A3.za


The Moody’s press release can be accessed on www.moodys.com, which includes a detailed list of all
rating changes related to FirstRand Bank Limited.



7 March 2024

Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.