Moody's cuts Infrastructure Finance

Moody's Investors Service said it downgraded the long-term national scale rating for Infrastructure Finance Corp. Ltd. to A2.za from A1.za. The company's short-term national scale rating of P-1.za is not affected by this action.

The action reflects the fact that the company's niche franchise has come under pressure as a result of softening demand, Moody's said. In response, the company has broadened its mandate.

But Moody's cautioned that although this diversification may have positive medium-term implications, it does hide risks with regard to the asset quality of these projects as their loss content has not yet been established.

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