Fitch affirms Namibia Power

Fitch Ratings said it affirmed Namibia Power Corp. (Pty) Ltd.'s BBB- issuer default rating, F3 short-term rating, BBB+(zaf) long-term South African national scale rating and F2(zaf) short-term South African national scale rating.

The outlook remains stable.

The agency said Namibia Power's ratings are supported by its 100% ownership by the Republic of Namibia, its monopolistic position in the country's power sector and its sound financial position.

Namibia Power has for several years recognized the challenges it faces in respect of the country's power demand and supply and, having explored various options, is about to embark on a 9.02 billion Namibian dollar capital expenditure program that Fitch said will initially ease the country's power imbalance and should eventually allow the company to become a net exporter of power rather than a net importer.

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