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Fitch upgrades Denel's rating

20 Jan 2014

Ratings agency Fitch has upgraded aerospace company Denel's national long-term rating to 'AAA(zaf)' from 'AA-(zaf)' and affirmed its national short-term rating at 'F1+(zaf)'. The outlook is stable.

Fitch said the upgrade reflects a recalibration of the higher end of the South African national rating scale and the alignment of Denel's ratings with those of the South African sovereign (BBB/BBB+/Stable)‚ reflecting expectation of timely support from the government to service and repay Denel's debts.

"Under Fitch's parent and subsidiary rating linkage methodology‚ the agency deems Denel's legal‚ operational and strategic links with the state of South Africa as strong‚ including‚ in particular‚ the state's irrevocable and unconditional guarantee of a significant portion of Denel's debt‚" Fitch said.

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Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za