Fitch lowers Airports Co. South Africa

Fitch Ratings said it has downgraded Airports Co. South Africa Ltd.'s national long-term rating to AA-(zaf) from AA(zaf) and affirmed the short-term rating at F1+(zaf).

The outlook for the national long-term rating is stable.

The downgrade reflects Fitch's view that over the next two to three years, rising capital expenditure and an expected decline in passenger numbers due to the economic downturn will increase the company's financial leverage beyond levels considered appropriate for its previous AA(zaf) rating.

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