Macquarie Securities South Africa National Scale LT Issue Ratings Raised On Updated National And Regional Scale Mapping

Stocks and Financial Services Press Releases Wednesday January 27, 2016 16:28
SYDNEY--27 Jan--Standard & Poor's

SYDNEY (Standard & Poor's) Jan. 27, 2016--Standard & Poor's Ratings Servicestoday said that it has raised its South Africa national scale long-termratings to 'zaAAA' from 'zaAA+' on debt issued by Macquarie Securities SouthAfrica Ltd. The rating actions reflect the revised mapping guidance for the

South Africa national credit rating scale (see "Standard & Poor's National AndRegional Scale Mapping Tables," Jan. 19, 2016).
We have also removed the "under criteria observation" (UCO) identifier on thelong-term national scale ratings on these debt issues.

The rating actions do not reflect any change in our view of the fundamentalcredit quality of Macquarie Securities South Africa debt issues, but resultfrom the recalibration of our South Africa national rating scale. The ratingaction only affects the long-term South Africa national scale ratings ofMacquarie Securities South Africa debt issues--not the short-term nationalscale ratings. Affected issues continue to be guaranteed by Macquarie GroupLtd.

South Africa national scale credit ratings express relative opinions about thecreditworthiness of an issuer or credit quality of an individual debt issue,from strongest to weakest, within a universe of credit risk within thecountry. The revision of our criteria aims at providing more room fordifferentiating credit quality within the country. With the revised mapping,the government of the Republic of South Africa remains the most creditworthyborrower within the South African context.

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