21 January 2020
Moody's Investors Service, ("Moody's") has today downgraded Land and
Agricultural Development Bank's (Land Bank) Issuer ratings to Ba1/Not Prime from Baa3/P-3, and its longterm
national scale issuer rating (NSR) to Aa3.za from Aa1.za. Concurrently, the rating agency confirmed Land
Bank's b1 Baseline Credit Assessment (BCA) and assigned a Corporate Family Rating (CFR) of Ba1. The
outlook on the issuer has been changed to negative from ratings under review.
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Land Bank - CO
10 September 2019
Moody's Investors Service ("Moody's") has completed a periodic review of the
ratings of Land and Agricultural Development Bank and other ratings that are associated with the same
analytical
unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of
the
ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of
the
financial and operating profile to similarly rated peers. The review did not involve a rating committee.
Since 1
January 2019, Moody's practice has been to issue a press release following each periodic review to announce
its
completion.
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1 March 2019
Moody’s assign Baa3/Prime-3 issuer ratings to Land and Agricultural Development Bank of South Africa (Land
Bank),
which reflects Land Bank’s standalone assessment of ba3, and three
notches of uplift, incorporating the assumption of a high probability of government support from South
Africa
(Baa3 stable) in case of need, owing to its full government ownership,
developmental mandate and evidence of past capital and funding support. The issuer outlook is negative.
Moody’s
also assign Aa1.za/P-1.za national-scale issuer ratings.
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28 February 2019
Moody's affirms Land and Agricultural Development Bank's Baa3 rating; changes outlook to negative from
stable.
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On 18 October 2010, Land Bank established a ZAR20-billion Domestic Medium-Term Note Programme pursuant to a
programme memorandum dated 18 October 2010. This Programme Memorandum was approved by the JSE on 13 March
2017.