S&P lowers Umgeni Water

S&P said it lowered the long-term South Africa national scale rating on Umgeni Water to zaAA+ from zaAAA and affirmed the zaA-1+ short-term South Africa national scale rating on the company.

The action on Umgeni follows the downgrade of South Africa on Nov. 24, the agency explained.

“The downgrade of Umgeni reflects our view of a weakening ability of the South African government to provide support to the utility if needed,” S&P said in a news release.

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