Rebosis would like to advise all its Note-holders that on 7 July 2016 Global Credit Ratings (GCR) affirmed its national scale ratings to Rebosis of A-(za) and A1-(za) in the long term and short term respectively.
The outlook on the rating is accorded as Evolving, recognising the notable headway that Rebosis has made in the past two years with the acquisition of a 59% stake in Ascension, 67.5% of New Frontier and the recently proposed R6 billion agreement to acquire three retail assets and services businesses from Billion Group.
If successful, these acquisitions are expected to raise the value of the consolidated investments per IFRS to c.R29 billion by FYE16, placing it amongst the JSE’s upper tier listed REITS.
The Evolving outlook accorded reflects both the potential upward rating impact of these changes, as well as downward movement that would be warranted if high gearing metrics and a lumpy debt maturity profile persist.
The full GCR rating report on Rebosis is available online at: https://globalratings.net/reports_section/companies/view/552