NEDBANK GROUP LIMITED - Nedbank's Credit Ratings Action by Moody's Ratings

Nedbank's Credit Ratings Action by Moody's Ratings

Nedbank Group Limited                             Nedbank Limited
(Incorporated in the Republic of South Africa)    Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06               Registration No. 1951/000009/06
JSE share code: NED                               JSE alpha code: BINBK
NSX share code: NBK                               ('Nedbank')
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
('Nedbank Group')


CREDIT RATINGS ACTION BY MOODY'S RATINGS

Shareholders and noteholders are referred to the Moody's Rating ('Moody's') press release on 28 May
2026, in which the outlook on the Nedbank's long-term deposit, senior unsecured and issuer ratings
was revised from stable to positive. This is the result of improvements in both the operating
environment and Nedbank's financial performance as well as the fact that Nedbank's baseline credit
assessment (BCA), like most banks, remains constrained by South Africa's Ba2 rating. Moody's noted
that Nedbank's Ba2 BCA rating reflects the bank's solid local franchise, investments in digitisation that
support its product optimisation and client service initiatives, sound liquidity buffers and adequate
capitalisation.

This rating action follows Moody's affirmation of South Africa's Ba2 rating and its revision of the
outlook from stable to positive on 22 May 2026, reflecting South Africa's gradual strengthening of its
fiscal performance and sustained commitment to structural reforms, with prospects of increasingly
tangible results. While the Middle East conflict poses a risk to near-term growth, Moody's expects the
policy response to remain measured and macroeconomic stability to be preserved.

The detailed credit ratings report is available at the following link:
https://group.nedbank.co.za/content/dam/group/pdf/11_credit-ratings/moodys/moodys-nedbank-group-
limited-update-to-credit-analysis-28-may-2026.pdf



Sandton
29 May 2026

Sponsor to Nedbank Group in South Africa:
Nedbank Corporate and investment Banking, a division of Nedbank Limited

Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd

Debt Sponsor to Nedbank Limited:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 29-05-2026 04:10:00
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