Fitch downgrades Barloworld

Fitch Ratings said it downgraded Barloworld Ltd.'s national long-term rating to A+(zaf) from AA-(zaf) and the domestic medium-term note rating to A+(zaf) from AA-(zaf).The national short-term rating was affirmed at F1(zaf).

The outlook is negative.

The downgrade reflects expectations that the economic downturn will hurt Barloworld's credit metrics in 2009 and 2010, according to the agency.

Lease-adjusted net debt-to-operating EBITDAR ratio rose to more than 2.5x at fiscal year-end 2009 from 2.2x at fiscal year-end 2008.

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