Moody's lowers Imperial

Moody's Investors Service said it downgraded the long-term issuer rating of Imperial Group (Pty) Ltd. to Baa3 from Baa2 and maintained its negative outlook.

The agency also downgraded other related global scale debt ratings.

Moody's also downgraded Imperial's long-term national scale issuer ratings and senior unsecured ratings to A3.za from A1.za.

The actions reflect that the company's is likely to have a significantly greater negative impact than expected, the agency said.

Imperial's recent corporate restructuring has significantly reduced the company's net debt and eliminated its exposure to the high risk aviation leasing business and the capital intensive leasing business, but its remaining business is now more exposed on balance to the consumer cycle, Moody's said.

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