Noteholders 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, Telkom's NSR Issuer Rating (local currency) has been repositioned to a higher rating from A2.za. to Aa2.za The principal methodology used in rating Telkom was Global Telecommunications Industry published in December 2010 and the last rating action taken was on 1 October 2012.
The detailed press release regarding this is available for viewing on the Moody's website: https://www.moodys.com/research/Moodys-recalibrates-South-Africas-national-rating-scale-and-repositions-national--PR_348432
12 May 2016
The Standard Bank of South Africa Limited