Moody's acts on South African issuers

Moody's Investors Service said it took rating actions on eight South African sub-sovereign issuers covering regional and local governments and government-related issuers. The actions follow Moody's downgrade of the government of South Africa rating to Ba1 from Baa3 with a negative outlook on Friday.

Moody's has taken the following actions on the sub-sovereign issuers:

Downgraded the baseline credit assessment of the city of Cape Town, city of Johannesburg and city of Ekurhuleni to ba1 from baa3, and long-term global scale ratings to Ba1 from Baa3 issuer and debt ratings of the same cities, and maintained the negative outlook.

Downgraded the BCA of Nelson Mandela Bay Metropolitan Municipality to ba1 from baa3 and long term issuer rating to Ba1 from Baa3, and maintained the negative outlook.

Affirmed BCA of ba1 and long term global rating of Ba1 for city of Tshwane and changed the outlook to negative from stable.

Affirmed the BCA of ba2 and the long term global rating of Ba2 for city of uMhlathuze and changed the outlook to negative from stable.

Downgraded the long term global rating issuer rating to Ba2 from Ba1 for Ekurhuleni Water Care Co. and maintained the negative outlook.

Affirmed the long-term global rating and local and foreign currency issuer rating of Ba2 for South African National Roads Agency and maintained the negative outlook.

Moody’s said it affirmed all of the issuers’ national scale ratings.

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