debt investors
terms of use
1. Notice
PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THIS WEBSITE (SITE) WHETHER FOR THE FIRST TIME OR OTHERWISE. BY ACCESSING THIS SITE AND ANY PAGES THEREOF, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS CONTAINED HEREIN. THESE TERMS AND CONDITIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE FROM TIME TO TIME AT THE SOLE DISCRETION OF FIRSTRAND LIMITED AND/OR ANY OF ITS SUBSIDIARIES AND/OR AFFILIATES (FIRSTRAND).
2. Users
The information contained in this site is directed at, and intended for distribution to, and use by, persons in the Republic of South Africa and any other jurisdiction where the distribution, release, publication or use will not contravene any relevant laws or regulations. In particular, the information contained in this Site should not be made available in any manner in the United States of America and/or to its persons. Persons accessing the Site from outside the Republic of South Africa are required to inform themselves about and observe any relevant restrictions. FirstRand takes no responsibility in this regard.
3. No offer
Neither the information, nor any opinion contained in this Site constitutes an offer to sell or solicitation or an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. No securities have been or will be offered and no securities may be reoffered, resold, delivered or distributed directly or indirectly in the United States or to, or for the account or benefit of, US persons or in any jurisdiction where such will constitute a breach of the laws of that jurisdiction, unless the relevant exemptions are obtained.
4. Use of information
The information and materials contained in this Site are for information purposes only and are not substitutes for the detailed information contained in the prospectuses, offering circulars and other documents relating to the transactions described in the Site. Users should evaluate the transactions described themselves and should consult their own legal, tax, or regulatory advisers on the consequences of those transactions. The information and materials contained in this Site are strictly confidential and owned by FirstRand, unless otherwise indicated. Unauthorised use of the information and materials contained in this Site is strictly prohibited.
5. No warranties
The contents of this Site are distributed without any warranty, undertaking or representation of any kind. Reasonable care has been exercised to provide accurate information, however, FirstRand does not represent or warrant the accuracy, adequacy, completeness or timeliness of the information, material or error-free use of the Site. FirstRand does not warrant that the Site will be available and that it will meet anyone’s requirements; that access will be uninterrupted; that there will be no delays, failures, errors or omissions or loss of transmitted information; that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to anyone’s system.
6. Exclusion of liability
Neither FirstRand or its affiliates, nor any employee, officer or agent of FirstRand or its affiliates, accept any liability arising out of any use of or inability to use the Site or any portion thereof, including but not limited to any lost profits, lost opportunity or any indirect, consequential, incidental, special, punitive or exemplary damages, regardless of whether FirstRand has been apprised of the likelihood of such damages occurring and regardless of the form of action whether in contract, warranty, delict, strict liability or otherwise.
7. Governing law and jurisdiction
These terms and conditions shall be subject to and governed by the laws of the Republic of South Africa. The courts of the Republic of South Africa will have jurisdiction to settle any disputes that may arise in connection with these terms and conditions.
By clicking “Agree” below, you agree to the terms and conditions set out above.

credit ratings

The ratings of South Africa-based banks are constrained by the country’s sovereign rating. This is due to the direct and indirect impact of sovereign distress on domestic banks’ operations. The following tables summarise the credit ratings of the South African sovereign, FirstRand Bank Limited and FirstRand Limited.

South African Sovereign long-term ratings

Outlook Foreign
currency rating
Local
currency rating
S&P Stable BB BB+
Moody’s Stable Baa3 Baa3
Sources: S&P Global Ratings and Moody’s Investors Service.

FirstRand Bank Limited Ratings

Outlook Counterparty rating* National scale rating Standalone credit
rating**
Long-term Short-term Long-term Short-term
S&P Stable BB B zaAA + zaA-1 + bbb-
Moody’s Stable Baa3 P-3 Aaa.za P-1.za baa3

* Relates to the issuer credit rating for S&P, and long-term bank deposits ratings for Moody’s.
** Refers to a rating agency’s measure of a bank’s intrinsic creditworthiness before considering external factors, e.g. affiliate or government support. S&P uses the standalone credit profile and Moody’s the baseline credit assessment.
Sources: S&P Global Ratings and Moody’s Investors Service.

FirstRand Bank’s standalone credit ratings continue to reflect its strong market position in South Africa, as well as its focused strategy, good core profitability, financial flexibility, robust risk management and sound capitalisation.

FirstRand Limited Ratings

Outlook Counterparty rating* National scale rating
Long-term Short-term Long-term Short-term
Stable B+ B zaA zaA-1

* Relates to the issuer credit rating for S&P.
Source: S&P Global Ratings.

FirstRand Limited’s ratings reflect its status as the non-operating holding company of the FirstRand group and the entity’s consequent structural subordination and reliance on dividends from operating companies to meet its obligations, which expose it to potential regulatory impositions. It is standard practice for a holding company to be rated below the operating company (in this case, FirstRand Bank Limited). The group issues debt out of the bank, which is the credit counterparty.