Moody’s: Industrial Development Corp. view negative

Moody's Investors Service said it affirmed the Baa2 foreign-currency long-term senior unsecured issuer rating for the Industrial Development Corp. of South Africa (IDC) and changed the corresponding outlook to negative from stable.

At the same time, the agency affirmed the Development Bank of Southern Africa Ltd.'s Baa2 foreign-currency long-term senior unsecured issuer rating and maintained its negative outlook.

Moody’s said the action on these two government related issuers (GRIs) follows the weakening of the South African government's credit profile, as captured by the Dec. 15 change in the sovereign rating (Baa2) outlook to negative from stable.

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