Fitch affirms Berg Water, Vaal River projects

Fitch Ratings said it affirmed the Berg Water Project's and the Vaal River Eastern Sub-System Augmentation Project's national long-term ratings at AA+(zaf) and short-term ratings at F1+(zaf).

The outlook is stable.

The two projects have been implemented and funded by Trans-Caledon Tunnel Authority, as directed by the South African government through the Minister of Water and Environmental Affairs.

Although the project debt programs have not been explicitly guaranteed by government, the high ratings reflect the government's pivotal role in the institutional arrangements and its commitment to ensuring servicing of debt, Fitch said.

The debt for each project is ring-fenced from all Trans-Caledon's other funding activities, the agency added.

© 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.