S&P assigns Liberty notes 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. The agency’s issuer rating for Liberty is zaAAA

“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 deferable subordinated notes zaA+, four notches below our zaAAA South Africa national scale rating on Liberty,” S&P said in a press release.

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

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