The Standard Bank of South Africa Limited
(Registration Number 1962/000738/06)
Issuer Alpha Code: BISTDB


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 Standard Bank of South Africa Limited
(SBSA).

Included in the ratings action were upgrades of the long-term deposit rating of SBSA from Ba2 to
Baa3. The full list of rating changes is set out below. The outlook on the ratings is stable. No changes
were made to the national scale ratings.


                  Entity                         Rating Type        Previous rating   Adjusted rating

                                             LT Counterparty Risk
 The Standard Bank of South Africa Limited                               Ba1               Baa3
                                               Rating (Foreign)
                                             LT Counterparty Risk
 The Standard Bank of South Africa Limited                               Ba1               Baa3
                                              Rating (Domestic)
                                             ST Counterparty Risk
 The Standard Bank of South Africa Limited                                NP               P-3
                                               Rating (Foreign)
                                             ST Counterparty Risk
 The Standard Bank of South Africa Limited                                NP               P-3
                                              Rating (Domestic)
                                              LT Bank Deposits
 The Standard Bank of South Africa Limited                               Ba2               Baa3
                                                  (Foreign)
                                              LT Bank Deposits
 The Standard Bank of South Africa Limited                               Ba2               Baa3
                                                 (Domestic)
                                              ST Bank Deposits
 The Standard Bank of South Africa Limited                                NP               P-3
                                                  (Foreign)
                                              ST Bank Deposits
 The Standard Bank of South Africa Limited                                NP               P-3
                                                 (Domestic)
                                              Senior Unsecured
 The Standard Bank of South Africa Limited                              (P)Ba2            (P)Ba1
                                                MTN (Foreign)
                                              Subordinate MTN
 The Standard Bank of South Africa 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