Moody's cuts Omnia outlook to negative

Moody's Investors Service said it changed the outlook on the Baa1.za national-scale corporate family rating of Omnia Holdings Ltd. to negative from stable on the basis of concerns over the impact of economic cyclicality on credit metrics and has re-assigned this rating to Omnia Group (Pty) Ltd.

Moody's said it will in the process be, therefore, withdrawing the rating formerly assigned to the group's ultimate holding company, Omnia Holdings Ltd.

Moody's noted that the rating relates to the overall credit quality of the group on a consolidated basis and does not necessarily refer to any individual debt instrument that may be issued by the group.

The Baa1.za national-scale corporate family rating considers the cyclical nature of the sector, coupled with limited geographic diversity and fiercely competitive market conditions, the agency added.

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