Moody's ups Industrial Development Corp.

Moody's Investor Service said it upgraded the foreign currency issuer rating of Industrial Development Corp. of South Africa to Baa1 with a stable outlook.

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

Moody's said it sees a close relationship between the South African state and Industrial Development Corp.

In Moody's view, the company continues to be a vital instrument for carrying out government policies and objectives and for that reason is expected to stay in majority public ownership for the foreseeable future.

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