S&P rates Macquarie South Africa A-

Standard & Poor's said it assigned a zaAA+ South Africa national scale long-term debt credit rating to Macquarie Securities South Africa (Pty) Ltd.'s ZAR 5 billion debt program. The agency also said it assigned a zaA-1South Africa national scale short-term debt credit rating and an A- long-term local-currency credit rating and an A-2 short-term local-currency credit rating.

The agency said it expects to assign these ratings to senior debt issued out of this program, but individual issue ratings may differ depending on the detailed terms of each issue.

The ratings are equalized with the issuer credit rating on parent Macquarie Group Ltd., reflecting its unconditional and irrevocable guarantee timely payment of all the debt.

The program's national scale ratings are based on its A- global scale local-currency long-term rating, S&P said, and are consistent with the mapping guidelines for a national credit rating scale for South Africa.

The A- global-scale long-term local-currency rating on the program is higher than the foreign-currency rating on the Republic of South Africa, reflecting a view that the debt issued is not exposed to transfer and convertibility risk in the traditional sense, the agency said.

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