Fitch lowers four Namibian issuers

Fitch Ratings said it downgraded the long-term issuer default ratings and national long-term ratings of four Namibian issuers following the Nov. 20 downgrade of Namibia’s long-term issuer default ratings to BB+.

The agency downgraded Namibia Power Corp. (Pty.) Ltd.’s long-term foreign-currency issuer default rating to BB+ from BBB-, short-term foreign-currency issuer default rating to B from F3, national long-term rating to AA+(zaf) from AAA(zaf) and affirmed its national short-term rating at F1+(zaf).

Fitch also downgraded Namibia Water Corp.’s long-term foreign-currency issuer default rating to BB+ from BBB-, short-term foreign-currency issuer default rating to B from F3, long-term local-currency issuer default rating to BB+ from BBB-, short-term local-currency issuer default rating to B from F3, national long-term rating to AA+(zaf) from AAA(zaf), long-term senior unsecured rating to BB+ from BBB- and national senior unsecured rating to AA+(zaf) from AAA(zaf). The national short-term rating was affirmed at F1+(zaf).

In addition, the agency lowered Telecom Namibia Ltd.’s long-term local-currency issuer default rating to BB from BB+ and national long-term rating to AA-(zaf) from AA(zaf).

Finally, Fitch downgraded Namibian Ports Authority’s national long-term rating to AA+(zaf) from AAA(zaf).

The outlooks are stable.

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