S&P assigns Liberty Group note zaA+

S&P said it assigned its zaA+ South Africa national scale issue rating to the unsecured deferrable subordinated note to be issued by Liberty Group Ltd., which S&P rates zaAAA

“Under our methodology for rating such issues, we apply a one-notch downward adjustment to the global scale ratings on the issuer to take into account the coupon payment risk on the debt and then derive the national scale rating using our mapping table. The zaAA national scale rating captures both the coupon payment risk and Liberty's credit profile. We then deduct another two notches from the resulting national scale rating to reflect the subordination. As a result, we rate the proposed note, zaA+, four notches below our zaAAA South Africa national scale rating on the issuer, Liberty,” S&P said in a press release.

The company plans to use the proceeds for general corporate purposes.

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