HYPROP INVESTMENTS LIMITED - Credit rating notification

Credit rating notification

HYPROP INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
JSE share code: HYP ISIN: ZAE000190724
JSE bond issuer code: HYPI
(Approved as a REIT by the JSE)
("Hyprop or "the Company")


CREDIT RATING NOTIFICATION


Shareholders and holders of Hyprop's debt securities issued under its Domestic Medium-Term Note Programme
are advised that GCR Ratings ("GCR") has affirmed Hyprop's long-term international and national issuer ratings
of BB- and A+(ZA) respectively, with a stable outlook. The short term international and national issuer ratings
were also affirmed at B and A1(ZA) respectively, also with a stable outlook.

GCR note in their rating notification:
  - Hyprop has made substantial progress on its portfolio repositioning and re-tenanting programme to
     improve the quality and growth profile in its core South Africa and Eastern European retail property
     portfolios.
  - Hyprop has a strong liquidity position, with ZAR2.8 billion available in cash and committed facilities at
     30 June 2024.
  - Hyprop has a well-laddered debt maturity profile, with most facilities maturing in the medium to long
     term.
  - The Stable Outlook reflects GCR's expectation that Hyprop's operational performance will remain strong,
     whilst the LTV will remain in management's target 35% - 40% range and that interest coverage will be
     between 2.5x and 2.8x over the rating horizon.

The full GCR notification is available at https://www.hyprop.co.za/pdf/investors/gcr-rating/2024.pdf.

28 October 2024


Sponsor
Java Capital

Date: 28-10-2024 04:15:00
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