Fitch puts Kumba on evolving watch

Fitch Ratings said it placed Kumba Resources Ltd.'s national long-term A(zaf) and short-term F1(zaf) ratings on Rating Watch evolving.

This follows the company's asset restructuring in a bid to meet Black Economic Empowerment requirements under South Africa's Mineral and Petroleum Resources Development Act and associated Mining Charter.

Fitch said it has not been able to form a detailed opinion on the financial profile of the new entities to be formed from the restructuring due to uncertainties associated with unbundling of assets, allocation of debt and execution risks. As such, the ratings are on Rating Watch evolving until a more meaningful assessment of the restructured company can be made.

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