Fitch affirms A. Forbes note

Fitch Ratings said it affirmed Alexander Forbes Preference Share Investments Ltd.'s linked debentures at BB-(zaf).

The strength of the underlying cash flows and credit metrics of Alexander Forbes Equity Holdings (Pty) Ltd. continues to significantly influence the rating assigned to the debentures issued by Alexander Forbes, the agency said.

However, Fitch said that the debentures' rating remains constrained by the fact that it is highly subordinated from the underlying AF Group cash flows.

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