Standard Bank Group Limited

(Registration Number 1969/017128/06)

Issuer Alpha Code: SBKI



Credit Rating Action by Moody’s Investor Services

Noteholders are referred to the Moody's Investors Service (Moody's) press release on 6 March 2024
and ratings action on the South African banks, including the ratings of Standard Bank Group Limited
(“SBG”).

Included in the ratings action were upgrades to the long-term issuer rating of SBG from Ba3 to
Ba2. The full list of rating changes is set out below. The outlook on the ratings is stable.


                                                                Previous
                Entity                     Rating type                               Adjusted Rating
                                                                 rating
                                         LT Issuer Rating
   Standard Bank Group Limited                                     Ba3                      Ba2
                                             (Foreign)
                                         LT Issuer Rating
   Standard Bank Group Limited                                     Ba3                      Ba2
                                           (Domestic)
                                        Senior Unsecured
   Standard Bank Group Limited                                    (P)Ba3                   (P)Ba2
                                          MTN (Foreign)
                                           Subordinate
   Standard Bank Group Limited                                      B1                      Ba3
                                             (Foreign)
                                        Subordinate MTN
   Standard Bank Group Limited                                    (P)B1                    (P)Ba3
                                             (Foreign)

The rating action resulted from 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.

https://www.moodys.com/credit-ratings/Standard-Bank-Group-Limited-credit-rating-600038208

7 March 2024

For further information, please contact:

Marc Hearn
Standard Bank Group Limited
9th Floor
5 Simmonds Street, Johannesburg PO Box 2001
South Africa
Telephone number: +27 11 344 5004




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