Fitch affirms Nkangala

Fitch Ratings said it affirmed the South African District Municipality of Nkangala's long-term local-currency rating of BBB+, long-term national rating of AA-(zaf) and short-term national scale rating of F1+ (zaf).

The outlook is stable.

The ratings reflect Nkangala's robust operating performances and declining low debt amid weak socio-economic indicators by international standards, Fitch said.

Adverse changes in the funding system and debt escalating beyond expectations could trigger a downgrade, the agency said.

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