Fitch upgrades NamPort

Fitch Ratings said it upgraded Namibian Ports Authority’s (NamPort) national long-term rating to AA-(zaf) from A+(zaf) and national short-term rating to F1+(zaf) from F1(zaf).

The outlook is stable.

The upgrade and alignment of the rating with Namibian sovereign’s local-currency issuer default rating of BBB and national long-term rating of AA-(zaf) reflects the strengthening of the links between NamPort and its sole shareholder, Fitch said.

This is demonstrated by the increasing amount of government guarantees for NamPort’s debt and direct-equity contributions, the agency said.

The increasing debt is expected to lead to worsening expected credit metrics, however, Fitch added.

NamPort remains a strategic asset for the Namibian economy, operating the country’s two ports at Walvis Bay and Luderitz, the agency said.

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