Sharenet Sites 
Sharenet Sites
Midroog assigned A2.il rating with a stable outlook for repayment capability of debt
GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No.
61500)
(Share code on the WSE: GTC.S.A)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
(“GTC” or “the Company”)
GLOBE TRADE CENTRE S.A.
Current report number: 2/2019
Date: 14 February 2019
Subject: Midroog assigned A2.il rating with a stable outlook for repayment capability of debt
that Globe Trade Centre S.A. might raise in Israel, in the amount of up to € 70 million.
The Management Board of Globe Trade Centre S.A. ("Company"), hereby announces that on 14
February 2019, Midroog (Israel-based credit rating agency accredited by the State of Israel) assigned
an A2.il rating with a stable outlook for repayment capability of debt that the Company might raise in
Israel, in the amount of up to € 70 million.
According to Midroog Long Term Rating Scale, the assigned A2.il rating reflects that in Midroog’s
judgment, the Company has relatively high repayment capability for such debt, relative to other local
issuers in Israel.
A stable outlook reflects low expectations of a rating change over the medium term. Specifically, for the
Company a stable outlook reflects Midroog's assessment, whereby the Company would continue to
operate in the income producing asset segment in major cities in Central Eastern Europe, maintaining
current occupancy rates and stable financial ratios, with development of new income producing assets
not to exceed 15%-20% of total assets for the Company.
The rating is a local investment rating for debt to be issued in Israel.
Definitions of Midroog’s ratings are available at the following website of Midroog: www.midroog.co.il,
where Midroog also discloses ratings, criteria and methodology.
Legal grounds: § 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council
of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the
European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and
2004/72/EC – inside information.
Neither this current report nor the ratings issued by Midroog constitute a recommendation to buy, hold,
and/or sell securities and/or other financial instruments issued or relating to the Company and/or make
any other investment and/or forgo any of these actions.
Neither this current report nor the ratings issued by Midroog constitute investment advice and/or financial
advice, nor do they address the appropriateness of any given investment for any specific investor, in
particular retail investors. Each potential investor should seek and obtain professional advice in respect
of his/her investments.
This current report is neither an offer of securities for sale, nor a solicitation of an offer to
purchase/subscribe for securities, in any jurisdiction.
Signed by:
/s/ Thomas Kurzmann /s/ Erez Boniel
President of the Management Board Member of the Management Board
Warsaw, Poland
Sponsor: Investec Bank Limited
Date: 14/02/2019 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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