Fitch ups Sanlam, Genbel view to stable

Fitch Ratings said it revised the outlooks on Sanlam Capital Markets Ltd. and Genbel Securities Ltd. to stable from negative, and affirmed their national long-term and short-term ratings at A+(zaf) and F1(zaf), respectively. The agency also said it affirmed its guaranteed obligations' national long-term rating at AA-(zaf) and national short-term at F1+(zaf).

The outlook revision follows the outlook change on its parent, Sanlam Ltd., which has an AA-(zaf) rating.

The ratings are based solely on the level of support that both entities derive from Sanlam, a leading domestic financial services provider, Fitch said.

Sanlam's support is demonstrated by an unlimited direct guarantee that covers most of the companies' trading creditors, the agency said.

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