S&P ups Rand Water

Standard & Poor's said it raised its long-term foreign currency rating on Rand Water to BBB+ from BBB. The outlook is stable.

The agency noted the action follows the raising, on Aug. 1, of the long-term foreign currency ratings on the Republic of South Africa to BBB+ from BBB due to improved macroeconomic stability.

The outlook on South Africa is stable.

S&P added Rand Water will benefit from the improving macroeconomic environment in South Africa. This is in addition to the company's continued support from and key importance to the Republic of South Africa.

The ratings on Rand Water reflect its monopoly position as provider of bulk water distribution to the Gauteng region, the economic heartland of South Africa, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.