Fitch rates Infrastructure Finance notes A(zaf)

Fitch Ratings said it assigned Infrastructure Finance Corp. Ltd.'s upcoming ZAR 100 million issue of senior unsecured notes due 2015 a national long-term rating of A(zaf) and affirmed the company's national ratings at long-term A(zaf) and short-term F1(zaf).

The outlook is stable.

The notes, which are being issued for general funding purposes, represent senior unsecured obligations of Infrastructure Finance and rank pari passu with all other present and future obligations.

Fitch noted that the national ratings were downgraded to their present levels on Nov. 15 due to the South African company's weaker profitability, tightening liquidity and an increasingly competitive environment.

Current cash flow projections reflect continuation of the tight liquidity trend with substantial debt maturities in June 2006, the agency said.

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