Moody's may up Industrial Development Corp.

Moody's Investor Service said it placed under review for possible upgrade the Baa2 issuer rating of Industrial Development Corp. of South Africa.

The action was prompted by Moody's decision to review for possible upgrade the foreign currency ratings of the Republic of South Africa.

Moody's sees a close relationship between the South African state and Industrial Development Corp. The 100% ownership of the company by the Republic of South Africa and its close supervision by government ministries (the Ministry of Trade and Finance, first and foremost), support a rating at the sovereign level.

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