DEVELOPMENT BANK OF SOUTHERN AFRICA - Credit rating announcement - DIDBS

Credit rating announcement - DIDBS

Development Bank of Southern Africa Limited
Registration number: 1600157FN
JSE alpha code: DIDBS
("DBSA")

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Moody's Investors Service ("Moody's") has downgraded the long-term
foreign currency issuer rating of DBSA to Ba1 from Baa3 and assigned Corporate Family Ratings of Ba1.
At the same time, Moody's has downgraded DBSA's Baseline Credit Assessment ("BCA") to ba3 from
ba2. The national scale rating of DBSA has been affirmed and the outlook remains negative.

The rating actions follows Moody's downgrade of the Government of South Africa rating to Ba1 from
Baa3 with a negative outlook on 27 March 2020.

The full rating announcement will be made available upon request or can also be obtained on the
DBSA's website at https://www.dbsa.org/EN/InvestorRelations/Pages/Credit-Ratings-Reports.aspx .

2 April 2020

Debt Sponsor
Nedbank Corporate and Investment Banking

Date: 02-04-2020 02:01:00
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