Moody’s cuts South African corporates

Moody’s Investors Service said it downgraded seven South African corporates. The rating actions follow Moody’s Nov. 20 decision to downgrade South Africa’s government issuer rating to Ba2 from Ba1 while maintaining a negative outlook, the agency said.

Moody’s downgraded the following companies’ corporate family ratings to Ba2 from Ba1 to reflect credit linkages with the South Africa sovereign: Barloworld Ltd., Growthpoint Properties Ltd., MTN Group Ltd., Redefine Properties Ltd., Telkom SA SOC Ltd., the Bidvest Group Ltd. and Transnet SOC Ltd.

The outlook for the above entities is negative in line with the sovereign outlook, Moody’s said.

Moody’s also changed the outlook for AngloGold Ashanti Ltd. to negative from stable and affirmed its Baa3 issuer rating.

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