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NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER

Wednesday, 3 July 2019

AECI LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1924/002590/06)
Company code: AECI
(“AECI” or “the Issuer”)

Noteholders are advised that, on 26 June 2019, GCR Ratings (“GCR”) has upgraded the Issuer’s long term national scale rating from A(za) to A+(za) and affirmed the short term national scale rating at A1(za); with a stable outlook.

The rating upgrade on the Issuer reflects its strong market position and is further supported by strong cash flow generation and modest forward-looking leverage levels.

The full report will be made available at https://www.aeciworld.com/investor-relation-credit-rating.php

3 July 2019

Debt Sponsor
Rand Merchant Bank
(A division of FirstRand Bank Limited)


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