Nedbank Limited -- Moody's Recalibrates South Africa's National Rating Scale and Repositions National-Scale Ratings of Banks and Financial Institutions

Limassol, May 10, 2016 -- Moody's Investors Service has repositioned the national scale ratings (NSRs) of nine banks and other financial institutions issuers in South Africa (Standard Bank of South Africa, FirstRand Bank Limited, ABSA Bank Limited, Nedbank Limited, Investec Bank Ltd., Bidvest Bank Limited, Sasfin Bank Limited, Real People Investment Holdings (Pty) Ltd, and Mauritius Commercial Bank Limited) in conjunction with the recalibration of the South African national rating scale. In addition, the NSRs of Mercantile Bank Limited remained unafffected, and the NSRs of Grindrod Bank Limited were withdrawn for business reasons. At the same time, Moody's has publically assigned global scale ratings (GSRs) to four issuers. This rating action also concludes the review initiated on the NSRs of the five largest South African banks on 10 March 2016.

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