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Fitch affirms Denel
Fitch Ratings said it affirmed Denel (Pty) Ltd.'s national long-term debt rating at AA(zaf) and short-term debt rating at F1+(zaf).
The outlook remains stable.
The relatively high ratings continue to rely on expectations that Denel's shareholder would support the company if necessary and ensure that it would be able to meet its financial obligations on time. This is now particularly relevant after Denel reported a ZAR 1.6 billion net loss for fiscal year 2005, the agency said.
The stable outlook reflects Fitch's expectations that the government will be a source of support until Denel can rebuild its funding. Denel is wholly owned by the South African government.
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