Moody's cuts two South African institutions

Moody's Investors Service said it downgraded the foreign-currency long-term issuer ratings of South Africa's two rated development finance institutions, Development Bank of Southern Africa and Industrial Development Corp. of South Africa to Baa1 from A3.

The negative outlook was maintained on both institutions' issuer ratings, in line with the outlook on South Africa's government bond rating.

Moody's said the actions were prompted by the weakening of the South African government's credit profile, as captured by Moody's Sept. 27 downgrade of South Africa's government bond rating to Baa1 from A3.

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