Moody's cuts Infrastructure Finance

Moody's Investors Service said it has downgraded the long- and short-term national-scale ratings of Infrastructure Finance Corp. Ltd. to A3.za/P-2.za from A2.za/P-1.za.

The A3.za long-term national-scale rating remains on review for possible further downgrade, the agency said.

Moody's noted that the rating action reflects the impact of the global financial crisis on the company's funding profile, financial fundamentals and overall business model.

Specifically, the financial crisis has compromised Infrastructure Finance's ability to raise long-term funding and has placed additional pressure on the company's asset-liability maturity profile, and may require the company to sell some of its loans/advances in order to meet its liabilities over the next two years, the agency added.

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