PPC LIMITED - PPC repays Bond and withdraws Credit Rating2020/01/14 11:15:25
PPC repays Bond and withdraws Credit Rating: PPC Ltd (Incorporated in the Republic of South Africa) (Company registration number 1892/000667/06) JSE ISIN: ZAE000170049 JSE code: PPC ZSE code: PPC ('PPC' or 'Company' or 'Group') Voluntary Announcement - PPC Ltd repays Bond and withdraws Credit Rating PPC wishes to inform shareholders that it successfully completed the repayment of the Bond Program on October 31, 2019 and subsequently terminated the rating service agreement with the ratings agency S&P Global Ratings ('S&P'). In accordance with internal procedures, S&P has issued a research update dated January 13, 2020 informing the market about the withdrawal and their view on the ratings of PPC following the interim results released by PPC on the Stock Exchange News Service on November 20, 2019. The credit rating of 'zaBBB-/zaA-3' South African national scale corporate credit ratings has remained unchanged since last issued in March 2019. The full report can be found at https://www.standardandpoors.com/en_US/web/guest/home. The S&P's commentary makes reference to PPC's debt maturity profile and trading environment. PPC management provided guidance to the market on these topics in the Company's November 2019 interim results. Amongst others, PPC said it would initiate a process to review the overall capital structure of the Group with the aim to improve the debt maturity profile. This process is currently underway and PPC will inform the market as relevant developments become available. Sandton 14 January 2020 Sponsor Merrill Lynch South Africa (Pty) Limited PPC: Anashrin Pillay Head Investor Relations Tel: +27 (0) 11 386 9000 Financial Communications Advisor: Instinctif Partners Gift Dlamini Mobile: +27 11 050 7536 Date: 14-01-2020 11:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.