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Ratings boost for Transnet, Eskom

Jan 18 2011 13:15 I-Net Bridge & Fin24

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Johannesburg - Fitch Ratings has revised the outlooks for Eskom and Transnet's long-term issuer default ratings (IDR) to stable from negative, following the revision to South Africa's sovereign ratings.

A favourable rating will ease the cost of borrowing in international markets as the two entities seek funds for their multi-billion rand expansion programmes.

On Monday Fitch lauded SA's growth prospects, saying it had emerged from recession with its credit fundamentals roughly in line with or slightly better than peers.

After falling 1.7% in 2009, Fitch expects real GDP growth to have recovered to 2.8% in 2010. Medium-term budget deficits and debt ratios have been revised downwards, it said.

Spending by state entities Eskom and Transnet will continue to provide a stimulus to the economy, it said.

Fitch has affirmed the existing ratings for the two state entities with the outlooks upgraded from negative to stable.

 

fitch ratings  |  gdp  |  transnet  |  eskom
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