NQABA FINANCE 1 (RF) LIMITED - GCR Rating Action - Nqaba

GCR Rating Action - Nqaba

NQABA FINANCE 1 (RF) LIMITED
Registration Number 2005/040050/07
(JSE Bond Issuer Code: NQA)
("Nqaba Finance " or the "Issuer")

GCR Ratings Update

Noteholders are advised that GCR Ratings ("GCR") has affirmed the national and international
scale issue ratings assigned to the existing Class A and B Notes issued by Nqaba Finance with
Stable Outlooks. The national and international scale issue ratings of the existing Class C and
Class D Notes were upgraded to AAA(ZA)(sf) and BB+(sf) respectively from AA+(ZA)(sf) and BB(sf),
with Stable Outlooks. The amendments were effective 26 April 2024.

Summary of updated Credit Ratings assigned by GCR to the notes:


                       National Scale           International Scale     Outlook
                       Rating                   Rating

  NQ1A10 -
  ZAG000077686         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1A24 -
  ZAG000143991         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1A25 -
  ZAG000144007         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1A27 -
  ZAG000151531         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1A28 -
  ZAG000159583         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1B10 -
  ZAG000077702         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1B17 -
  ZAG000126467         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1B20 -
  ZAG000151549         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1B21 -
  ZAG000159591         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1C10 -
  ZAG000077694         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQ1C17 -
  ZAG000126459         AAA(ZA)(sf)              BB+(sf)                 Stable

  NQF1D5 -
  ZAG000077678         AAA(ZA)(sf)              BB+(sf)                 Stable


The full rating report is available on GCR Ratings website at

GCR affirms the ratings of the Class A and B Notes and upgrades ratings of the Class C and D
Notes issued by Nqaba Finance 1 (RF) Ltd. Outlooks Stable. – GCR Ratings


For further information, please contact:
Eskom Finance Company SOC Ltd
Megawatt Park
Maxwell Drive
Sunninghill
2157

Ettienne Bester
Tel +27 11 800 5405
Email: besteret@eskom.co.za

Johannesburg
29 April 2024

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)

Date: 29-04-2024 03:33:00
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