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Barloworld-Credit Rating Update
Barloworld Limited
Registration number: 1918/000095/06
Alpha code: BIBAW
Credit Rating Update by Moody's Ratings
On the 10th of February 2025, Moody's Ratings affirmed Barloworld Limited's ("Barloworld") corporate
family rating (CFR) of Ba2 and upgraded its national scale CFR (NSR) to Az1.za from Az2.za. This rate
upgrade is attributed to Barloworld maintaining adequate credit metrics despite a downturn in the
commodity cycle, which has caused a decline in demand for heavy equipment in its main market of
Southern Africa. In addition, the upgrade of the NSR reflects that Barloworld's rating is solidly positioned
at the Ba2 global scale rating level.
The stable outlook reflects the stable outlook on the sovereign bond rating of South Africa, where
Barloworld generates the majority of its revenue and cash flow. The stable outlook also reflects our
expectation that Barloworld will maintain adequate credit metrics through the commodity cycle and the
potential acquisition and delisting of Barloworld transaction.
The detailed information pertaining to Barloworld's ratings may be accessed on Moody's Ratings
website below:
www.moodys.com
13 February 2025
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 13-02-2025 01:58:00
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