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S&P cuts Transnet
Standard & Poor's said it lowered to A- from A the long-term local-currency corporate credit rating on Transnet Ltd. The outlook on this rating is stable.
The agency also said it affirmed Transnet's BBB+ long-term foreign-currency corporate credit rating and revised the outlook on this rating to stable from negative.
S&P said it affirmed its zaAA+/zaA-1 long- and short-term South Africa national scale ratings.
The actions follow a similar action yesterday on the Republic of South Africa, the agency said.
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