Fitch rates Infrastructure Finance notes F1(zaf)

Fitch Ratings said it assigned a F1(zaf) national short-term rating to South Africa-based Infrastructure Finance Corp. Ltd.'s upcoming issue of ZAR200 million senior unsecured notes due February 2007. The agency also affirmed the company's A(zaf) national long-term rating and F1(zaf) short-term rating. 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 said it reviewed Infrastructure Finance's projected cash flow forecasts and latest management accounting information and is satisfied that, although the company has a sizeable bond issue maturing in June, the recent buyback of ZAR620 million of this issue has reduced the debt to a more manageable size.

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