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MTN downgraded with other SA corporates

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MTN’s credit rating has been downgraded by Moody’s Investors Service.
MTN Group Limited’s senior unsecured notes issued by MTN (Mauritius) Investments Limited have been downgraded to Ba1 from Baa3.
Moody’s has assigned MTN Group Limited a Ba1 corporate family rating (CFR) and a Ba1-PD probability of default rating (PDR) and has withdrawn MTN Group Limited’s long-term Baa3 issuer rating. A stable outlook was assigned.
A statement from MTN comments that this rating action “follows the weakening of the South African government’s credit profile, as captured by Moody’s lowering of the South African sovereign rating to Baa3 from Baa2 on 9 June 2017”.
Other South African corporates hit by Moody’s downgrades are Eskom, Sasol and Airports Company of SA (Acsa).
Eskom’s long-term CFR has gone to Ba2 from Ba1 and the zero coupon eurobonds to Ba2 from Ba1 in line with the CFR. The outlook is negative.
Acsa has been downgraded to Baa3 from Baa2; the rating outlook is negative.
The global scale long-term issuer ratings assigned to Sasol have dropped to Baa3 from Baa2, with a negative ratings outlook.
Bidvest Group and Growthpoint properties have been downgraded to Baa3 from Baa2 with negative outlooks.
Barlowworld, Fortress Income Fund, Hyprop Investments and Telkom remain at Baa3 but outlooks move from stable to negative.