Press Office

Moody's Recalibrates South Africa's National Rating Scale and Repositions National Scale Ratings of Non-Financial Corporates

13 May 2016

Hyprop Debt Capital Market investors are advised of Moody’s Investor Services (“Moody’s”) recent decision to recalibrate the National Scale Rating (“NSR’s”) of 17 South African non-Financial corporates in conjunction with the recalibration of the South African national rating scale. In addition to the above, Moody’s has also assigned global scale ratings (GSR’s) to these issuers for the first time.

As a consequence to this methodology adjustment, Hyprop’s NSR Issuer Rating (local currency) has been repositioned from A3.za to Aa3.za and P-1.za from P-2.za.

In addition to the above, Moody’s has stated that ratings of P-3 and Baa3 have been newly assigned as local global scale ratings and are supported by the high quality retail portfolio which benefits from active management producing solid, recurring rental income, supported by low vacancies and well-positioned retail assets.

The ratings also incorporate relatively strong credit metrics as measured by total debt-to-gross assets and factor in Hyprop's conservative approach to development risk.

The principal methodology used in rating Hyprop was Global Rating Methodology for REITS and other Commercial Property Firms published in July 2010.

Please click the link below to view the full report available on the Moody’s website:

https://www.moodys.com/research/Moodys-recalibrates-South-Africas-national-rating-scale-and-repositions-national--PR_348432

Johannesburg
13 May 2016
Debt Sponsor
The Standard Bank of South Africa Limited (Debt Sponsor)
Kea Sape
Tel: 011 344 7654
Email: kea.sape@standardbank.co.za