Rating Actions Taken On Various Corporate And Infrastructure Issuers Following Downgrade Of South Africa

On April 29, 2020, we lowered our long-term foreign currency ratings on South Africa to 'BB-' from 'BB' and lowered our long-term local currency ratings to 'BB' from 'BB+'. The outlooks are stable. Simultaneously, we revised the mapping specification for our South Africa national scale ratings. These developments, alongside COVID-19 fallout and bleak economic prospects for 2020, will further setback South Africa's already sluggish economic growth and fiscal outcomes, and adversely affect, to varying extents, corporate and infrastructure issuers operating in this market. We are therefore taking various rating actions on numerous corporate and infrastructure issuers based in, or exposed to, South Africa. JOHANNESBURG (S&P Global Ratings) May 12, 2020--S&P Global Ratings said today that it has taken various rating

...May 12, 2020 - On April 29, 2020, we lowered our long-term foreign currency ratings on South Africa to '##-' from '##' and lowered our long-term local currency ratings to '##' from '##+'. The outlooks are stable. - Simultaneously, we revised the mapping specification for our South Africa national scale ratings. - These developments, alongside COVID-19 fallout and bleak economic prospects for 2020, will further setback South Africa's already sluggish economic growth and fiscal outcomes, and adversely affect, to varying extents, corporate and infrastructure issuers operating in this market. - We are therefore taking various rating actions on numerous corporate and infrastructure issuers based in, or exposed to, South Africa. JOHANNESBURG (S&P Global Ratings) May 12, 2020--S&P Global Ratings said today that it has taken various rating actions on numerous South African corporate and infrastructure issuers following the downgrade of South Africa on April 29, 2020 (see "South Africa Ratings Lowered...

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