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PREMIUM PROPERTIES LIMITED - Credit rating announcement - BIPPL

Release Date: 06/07/2020 17:29
Code(s): PMM54 PMM53 PMM55 PMM51     PDF:  
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Credit rating announcement - BIPPL

PREMIUM PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/003601/06)
JSE alpha code: BIPPL
(“Premium” or the “Company”)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Global Credit Ratings (“GCR”) has undertaken a credit rating review of Octodec
Investments Limited (“Octodec”), as guarantor to Premium’s Domestic Medium-Term Note Programme dated 23
February 2015. GCR has confirmed Octodec’s rating, long-term national scale issuer rating of A-(za) and the short-term
issuer rating A2(za). The rating outlook has been changed to ”Negative’’ Outlook.

The Negative Outlook reflects the REIT and the industry’s susceptibility to elevated covenant and funding risk, lately
exacerbated by COVID-19 related disruptions.

GCR’s     full   credit   rating    announcement    is    publicly   available    on     GCR’s     website    at
https://gcrratings.com/announcements/gcr-places-octodec-investments-limiteds-issuer-rating-of-a-za-on-negative-
outlook-due-to-elevated-industry-risk/.

6 July 2020

Debt Sponsor: Nedbank Corporate and Investment Banking

Date: 06-07-2020 05:29:00
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