Fitch changes outlook to stable for three Namibian companies

Fitch Ratings said it revised the outlooks on Namibia Power Corp. (Pty.) Ltd., Telecom Namibia Ltd. and Namibian Ports Authority to stable from positive following the revision of the outlook on the Namibian sovereign rating to stable from positive on Dec. 9.

The agency also affirmed the ratings of the three sovereign-linked Namibian issuers.

NamPower has a BBB- long-term foreign-currency issuer default rating, an F3 short-term issuer default rating, an AA-(zaf) national long-term rating and an F1+(zaf) national short-term rating. Fitch said the company is Namibia's 100% government-owned electricity utility and benefits from strong explicit support from its shareholder.

Telecom Namibia has a BBB- long-term local-currency issuer default rating and an A(zaf) national long-term rating. The issuer is considered strategically important to the Namibian telecoms sector given its extensive fiber network infrastructure in the domestic market, the agency said.

NamPort has an A-(zaf) national long-term rating and an F2(zaf) national short-term rating. It is the Namibian state-owned ports authority, and Fitch's expectation is that Namport will remain 100% owned by the state over the medium term.

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