Moody's cuts Telkom, Gold Fields to stable

Moody's Investors Service said it downgraded Telkom SA Ltd.'s global scale issuer rating to Baa3 from Baa2 and changed the outlook on Gold Fields Ltd.'s Baa3 global scale issuer ratings and Gold Fields Orogen Holding (BVI) Ltd.'s Baa3 senior unsecured rating to stable from positive.

Moody's said the actions were prompted by the weakening of the South African government's credit profile, as captured by Moody's recent downgrade of South Africa's government bond rating to Baa1 from A3, in the case of Telkom; and, weakening trends in the South African mining sector that reduces positive pressure, in the case of Gold Fields.

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