Fitch affirms NamPower

Fitch Ratings said it affirmed Namibia Power Corp. (Pty) Ltd.'s (NamPower) long-term foreign-currency issuer default rating at BBB- and short-term issuer default rating at F3.

The agency also said it affirmed its national long-term rating at AA-(zaf) and national short-term rating at F1+(zaf).

The outlook is positive.

The ratings remain aligned with that of the sovereign, based on an assessment of the company's legal, operational and strategic ties with the state, Fitch said, and its continued critical role in the Namibian economy.

The ratings are further supported by NamPower's position as the monopoly electricity generation and transmission company in Namibia, its strong liquidity position and an expectation of electricity tariffs moving to cost-reflectivity over the medium term, the agency said.

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