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EXXARO RESOURCES LIMITED - EXX: Notification Of Issue Credit Rating Withdrawal.

Release Date: 13/04/2022 16:20
Code(s): EXX EXX05 EXX04     PDF:  
Wrap Text
EXX: Notification Of Issue Credit Rating Withdrawal.

Incorporated in the Republic of South Africa
(Registration Number: 2000/011076/06)
JSE share code: EXX
ISIN: ZAE000084992
Bond Code: EXX04
ISIN No: ZAG000160326
Bond Code: EXX05
ISIN No: ZAG000160334
(“Exxaro” or the “Issuer”)


Following years of consistent operational and financial performance, and a strong liquidity position,
Exxaro’s credit rating was upgraded by Standard & Poor’s (S&P) on 14 June 2021 from zaA-/zaA-2 to
zaA/zaA-1. The ratings were last affirmed on 24 January 2022. Exxaro Noteholders are informed that on
the Issuer has elected not to renew its National Scale Issue Credit Rating contract
(“Issue Rating”). The Issuer will retain its National Scale Issuer Credit Rating with S&P.

Before the S&P rating withdrawal decision, S&P historically performed dual ratings on Exxaro, as Issuer,
and on the Senior Unsecured Note Issuances. Exxaro has taken the decision to not renew the Issue
Rating on the Senior Unsecured Note Issuances as Exxaro, based on discussions with S&P and counsel,
believes the Issue Rating provides no value to investors.

It is important to highlight that this withdrawal will have no impact on the current outstanding bonds,
EXX04 and EXX05, as these reference the National Scale Issuer Credit Rating in the respective
Applicable Pricing Supplements. Exxaro maintains S&P as its credit rating agency and will continue to
receive ratings services on Exxaro Resources Limited, the Issuer.

For a detailed analysis of the credit rating of 14 June 2021, please refer to the following link:


13 April 2022

Debt Sponsor
Absa Bank Limited, acting through its corporate and investment banking division

Date: 13-04-2022 04:20:00
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