Moody's: Imperial Group negative

Moody's Investors Service said it changed the outlook on the Baa1 issuer rating and other related debt ratings of Imperial Group (Pty) Ltd. to negative.

Moody's changed Imperial's long-term national scale issuer rating and senior unsecured issue ratings to A1.za from Aa3.za and changed Imperial Capital Ltd.'s national scale domestic medium-term note program long term rating to Aa3.za from Aa2.za.

Moody's affirmed Imperial's short-term national scale issuer rating and Imperial Capital's national scale domestic medium-term note program short-term rating of P-1.za.

The agency said the actions reflect its view that although it expects the recently announced asset sales to improve credit metrics, it is likely to be offset by the more difficult trading environment over the medium term, the agency said.

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