S&P ups South Africa long-term national scale to zaAAA

S&P said it raised its long-term national scale rating on South Africa to zaAAA from zaAA+ and affirmed the short-term rating at zaA-1+.

At the same time, S&P removed the UCO designation from the ratings. The global scale issuer and issue credit ratings on South Africa are not affected by the rating action.

“Our action follows our review of our national scale ratings on South Africa under our new national scale rating mapping tables, which we published on June 25,” S&P said in a news release.

“Today's rating action resulted from a recalibration of the South Africa national scale mapping table, and does not reflect any change in the fundamental credit quality of South Africa or of the sovereign's outstanding debt.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.