Moody’s acts on South African corporates

Moody’s Investors Service said it acted on nine South African corporates. The actions follow Moody’s March 27 downgrade of South Africa’s government issuer rating to Ba1 from Baa3 while maintaining a negative outlook.

Moody’s downgraded the ratings of the following companies to Ba1 from Baa3 to reflect credit linkages with the South Africa sovereign: Barloworld Ltd., Growthpoint Properties Ltd., Redefine Properties Ltd., Telkom SA SOC Ltd., the Bidvest Group Ltd., and Transnet SOC Ltd.

The outlook for these corporates is negative in line with the sovereign outlook except for Transnet for which the ratings were placed on review for downgrade, Moody’s said.

Since Moody’s no longer considers these corporates investment grade, it withdrew the issuer ratings where applicable and assigned corporate family ratings to them in line with the agency’s policy for non-financial corporates with non-investment grade ratings, Moody’s said.

Moody’s affirmed AngloGold Ashanti Ltd.’s Baa3 issuer rating. The outlook is stable.

Also, Moody’s affirmed Gold Fields Ltd.’s Baa3 rating, but changed the outlook to negative and affirmed MTN Group Ltd.’s Ba1 rating with a negative outlook.

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