Fitch rates South African Industrial AA(zaf)

Fitch Ratings said it assigned the South African Industrial Development Corp. a national long-term rating of AA(zaf) and a short-term rating of F1+(zaf).

A stable outlook was assigned.

The ratings reflect the South African government's full ownership and support, key role in the national development strategy and South African Industrial's high capitalization, Fitch said.

The ratings also factor in the expected re-gearing of the company's balance sheet to fund its significant investment plan, which could weigh on future asset quality, the agency said.

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