Moody's cuts Infrastructure Finance

Moody's Investors Service said it downgraded the long-term national scale rating of Infrastructure Finance Corp. Ltd. to Baa1.za from A3.za. The prime-2.za short-term rating remains unchanged. All ratings remain on review for further possible downgrade.

The downgrade reflects the impact that the global financial crisis has had on the company's funding profile, financial fundamentals and overall business model, Moody's said.

The continuing review for possible downgrade reflects the challenges and risks associated with closing the funding gap ahead of a bond redemption due in June 2011, the agency said.

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