Moody's cuts South African government-related issuers

Moody's Investors Service said it downgraded the long-term foreign-currency issuer ratings of the Development Bank of Southern Africa and the Industrial Development Corp. of South Africa to Ba1 from Baa3 and assigned corporate family ratings of Ba1.

The agency downgraded Land and Agricultural Development Bank's CFR and issuer ratings to Ba2 from Ba1. The outlook on all issuers remains negative.

The downgrades follow Moody's downgrade of the government of South Africa rating to Ba1 from Baa3 with a negative outlook on Friday.

© 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.