Moody's ups Imperial Group

Moody's Investors Service said it upgraded to Baa1 the foreign currency issuer rating of Imperial Group (Pty) Ltd., fully and unconditionally guaranteed by Imperial Holdings Ltd. The outlook is stable.

The upgrade follows Moody's upgrade of The Republic of South Africa's country ceiling for foreign currency debt and bank deposits to Baa1.

Moody's said the sovereign ratings have been upgraded in recognition of the country's significant improvement in external liquidity, its modest reliance on external debt financing and its well-managed macroeconomic policies.

The review process did not affect the local currency Baa1 issuer rating as well as the long- and short-term issuer national scale ratings of Aa3.za and prime-1.za.

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