FIRSTRAND BANK LIMITED - FRII FRD FRLE FRTN - Amendment to FirstRand Bank Limited Credit Ratings

FRII FRD FRLE FRTN - Amendment to FirstRand Bank Limited Credit Ratings

FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
JSE company code interest rate issuer: FRII
JSE company code debt issuer: FRD
JSE company code ETF issuer: FRLE
JSE company code ETN issuer: FRTN
LEI: ZAYQDKTCATIXF9OQY690
(FRB or the bank)

AMENDMENT TO FIRSTRAND BANK LIMITED CREDIT RATINGS

On 6 March 2024, Moody's Investors Service (Moody's) upgraded FirstRand Bank Limited's long-term
deposit rating by two notches to Baa3 from Ba2. The rating action was due to the application of Moody's
Advanced Loss Given Failure (Advanced LGF) analysis to South African banks following the publication
of Moody's updated Banks Methodology on 5 March 2024.

Summary of rating actions on FirstRand Bank Limited:

                                                                        To                From
 Long-term bank deposit rating                                        Baa3                 Ba2
 Short-term bank deposit rating                                        P-3                  NP
 Senior unsecured debt rating                                          Ba1                 Ba2
 Subordinated                                                          Ba3                  B1
 Long-term counterparty risk rating                                   Baa3                 Ba1
 Short-term counterparty risk rating                                   P-3                  NP
 Long-term bank deposit rating – national scale                     Aaa.za              Aa1.za
 Senior unsecured debt rating – national scale                      Aaa.za              Aa1.za
 Subordinated – national scale                                       A1.za               A3.za


The Moody's press release can be accessed on www.moodys.com, which includes a detailed list of all
rating changes related to FirstRand Bank Limited.



7 March 2024

Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 07-03-2024 04:15:00
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