CAPITEC LIMITED - Capitec And Capitec Bank (A Wholly Owned Subsidiary Of Capitec): Issuer Credit Ratings Assigned To Capitec And Capitec Banks Issuer Credit Ratings Affirmed

Capitec And Capitec Bank (A Wholly Owned Subsidiary Of Capitec): Issuer Credit Ratings Assigned To Capitec And Capitec Bank’s Issuer Credit Ratings Affirmed

Capitec Limited (Previously Capitec Bank Holdings Limited)
Registration number 1999/025903/06
Incorporated in the Republic of South Africa
Registered bank controlling company
JSE Ordinary Share Code: CPI ISIN Number: ZAE000035861
A2X Ordinary share code: CPI
JSE Preference Share Code: CPIP ISIN Number: ZAE000083838
("Capitec")

Capitec Bank Limited
Registration number 1980/003695/06
Incorporated in the Republic of South Africa
Registered bank
Company code: BICAP
(“Capitec Bank”)

CAPITEC AND CAPITEC BANK (A WHOLLY OWNED SUBSIDIARY OF
CAPITEC): ISSUER CREDIT RATINGS ASSIGNED TO CAPITEC AND
CAPITEC BANK’S ISSUER CREDIT RATINGS AFFIRMED

Today S&P Global Ratings (“S&P”) assigned South Africa
national scale issuer credit ratings to Capitec for the first
time. Capitec’s long-term national credit rating is “zaAA” and
the short-term rating is “zaA-1+”. No global scale rating was
assigned to Capitec.
The long-term South Africa national scale rating assigned to
Capitec is two notches below that of Capitec Bank, reflecting
its status as the Capitec group’s holding company and in
particular its structural subordination and its reliance on
dividend flows from operating entities to meet its financial
obligations. S&P noted that the “zaAA” rating appropriately
reflects Capitec’s relative credit strength in the domestic
market compared with similar domestic entities.
Capitec Bank’s issuer credit rating remains unchanged at “BB”
long-term and “B” short-term on the global scale, with a
positive outlook, and “zaAAA” long-term and “zaA-1+” short-
term on the South Africa national scale. S&P assesses Capitec
Bank’s stand-alone credit profile at “bb+”, but caps its long-
term global scale rating at the “BB” foreign currency
sovereign credit rating on South Africa.
S&P does not assign outlooks to national scale ratings,
however, it noted that Capitec’s national scale ratings would
likely move in line with any rating action on Capitec Bank.
The credit ratings of Capitec and Capitec Bank are limited by
the sovereign rating, as S&P does not rate South African
financial institutions above the country’s foreign currency
sovereign rating. This is due to the direct and indirect
impact that sovereign distress could have on domestic banks’
operations.

Summary of issuer credit ratings:
                                Capitec       Capitec Bank
Long-term global scale         Not rated           BB
issuer rating
Global scale outlook         Not applicable     Positive
Short-term global scale        Not rated           B
issuer rating
Long-term South Africa              zaAA         zaAAA
national scale rating
Short-term South Africa             zaA-1+       zaA-1+
national scale rating

16 October 2026
Stellenbosch

Capitec Equity Sponsor: PSG Capital Proprietary Limited
Capitec Bank Debt Sponsor: PSG Capital Proprietary Limited
Date: 16/10/2026 02:00:00
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