S&P lifts PPC national scale rating

S&P said it raised its long-term South Africa national scale rating on PPC Ltd. to zaA- from zaBBB.

The agency affirmed the short-term South Africa national scale rating at zaA-2.

At the same time, the agency removed the under criteria observation designation from the national scale ratings.

S&P said the upgrade follows the recent publication of its revised criteria and related guidance. The guidance includes an updated South Africa national scale mapping table, the agency said.

As such, S&P said the rating change is purely a result of the revisions to the criteria and mapping table, with the intention of creating the most appropriate distinction among ratings on the national scale, and do not represent a change in its view of the credit quality of the issuer.

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