NEDBANK CAPITAl - Nedbank Group Limited

OVERVIEWThe rating actions are summarised as follows:Nedbank GroupLong-term foreign currency IDR: affirmed at BBB; outlook revised to stable from negative.Long-term local currency IDR: affirmed at BBB; outlook revised to stable from negative.Short-term foreign currency IDR: upgraded to F2 from F3.National long-term rating: affirmed at AA-(zaf); outlook revised to stable from negative.National short-term rating: affirmed at F1+(zaf).Individual rating: affirmed at C.Support rating: affirmed at 2.Nedbank LimitedLong-term foreign currency IDR: downgraded to BBB from BBB+; outlook revised to stable from negative.Long-term local currency IDR: downgraded to BBB from BBB+; outlook revised to stable from negative.Short-term foreign currency IDR: affirmed at F2.National long-term rating: downgraded to AA-(zaf) from AA(zaf); outlook revised to stable from negative.National short-term rating: affirmed at F1+(zaf).Individual rating: affirmed at C.Support rating: affirmed at 2.Latest Fitch ratings for Nedbank Group companies:Fitch ratings Nedbank Group Nedbank Limited Imperial Bank LimitedDecember 2009 December 2009 December 2009Individual C CSupport 2 2 2Foreign currencyShort-term F2 F2Long-term BBB BBBLong-term rating outlook Stable StableLocal currencyLong-term senior BBB BBBLong-term rating outlook Stable StableNationalShort-term F1+ (zaf) F1+ (zaf) F1 (zaf)Long-term AA- (zaf AA- (zaf) A+ (zaf)Long-term rating outlook Stable Stable PositiveDefinitions:Individual and supportC = An adequate bank that, however, possesses one or more troublesome aspects.2 = A bank for which there is a high probability of external support and the potential provider of support is highly rated in its ownright.Foreign and local currency (capped by sovereign risk limits of BBB+ for foreign long-term, F2 for foreign short-term and A for locallong-term)F2 = Good credit quality. The capacity for timely payment of financial commitments is satisfactory.BBB = Good credit quality. Indicates that there is currently a low expectation of credit risk. The capacity for timely payment offinancial commitments is considered adequate.The modifiers ‘+’ or ‘-’ denote relative status within major categories.NationalF1 = Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or issues in thesame country.A = Denotes a strong credit risk relative to other issuers or issues in the same country.AA = Denotes a very strong credit risk relative to other issuers or issues in the same country.The modifiers ‘+’ or ‘-’ denote relative status within major categories.GROUP REPORTSOPERATIONAL REVIEWSGOVERNANCE187NEDBANK GROUP ANNUAL REPORT 2009