Fitch rates INCA notes A+(zaf)

Fitch Ratings assigned Infrastructure Finance Corp. Ltd.'s (INCA) ZAR100 million subordinated unsecured callable notes a national long-term A+(zaf) rating and affirmed its national ratings at long-term AA-(zaf) with a stable outlook, and short-term F1+(zaf).

The bonds, which are being issued for general funding purposes, represent direct subordinated and unsecured obligations of Infrastructure Finance and rank pari passu among themselves and with all other present and future obligations, Fitch said.

However, Fitch said there is no negative pledge clause with reference to any likely further subordination of the notes.

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