Do u not think it is a bit late Mr Moody, even the
' ing hamster know it, damn, and you get paid to do this.
Moody's Downgrades African Bank
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
Ordinary share code: ABL ISIN: ZAE000030060
Preference share code: ABLP ISIN: ZAE000065215
(“ABIL”)
and
AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Under curatorship)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
(“African Bank”)
MOODY’S DOWNGRADES AFRICAN BANK’S LOCAL AND GLOBAL CREDIT RATINGS
ABIL announces that Moody’s Investors Service (“Moody’s” or “the agency”) has, on 12 August 2014,
downgraded African Bank Limited’s local national scale issuer ratings to Caa2.za/Not Prime.za from A3.za/P-
2.za and its global senior debt and deposit ratings to Caa2/Not Prime, from Ba1/Not Prime. In addition, the
long term global and national scale ratings have been placed on review for a further downgrade.
Moody’s stated that the downgrade of African Bank’s ratings reflect the expected losses that senior
bondholders and wholesale depositors of the bank will sustain, following the announcement by the South
African Reserve Bank (SARB) on 10 August 2014 that it placed African Bank under curatorship. The review
for downgrade, in Moody’s view, captures the implementation risks of SARB's restructuring plan for African
Bank, in conjunction with the risk of higher than anticipated losses that depositors and bondholders, other
than retail depositors, could incur.
13 August 2014
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